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Manila Bulletin devider Business devider Trade & Industry devider Maharlika eyes ₱5-billion investment in ACWA Power deal to electrify 500,000 off-grid households

Maharlika eyes ₱5-billion investment in ACWA Power deal to electrify 500,000 off-grid households

Published Aug 26, 2025 03:16 pm

At A Glance

  • Around ₱5 billion worth of investments is the figure Maharlika Investment Corp. (MIC) has set upon entering a partnership with Saudi Arabia-backed ACWA Power to develop renewable energy (RE) projects that will supply electricity to nearly 500,000 off-grid households in the Philippines.
Around ₱5 billion worth of investments is the figure Maharlika Investment Corp. (MIC) has set upon entering a partnership with Saudi Arabia-backed ACWA Power to develop renewable energy (RE) projects that will supply electricity to nearly 500,000 off-grid households in the Philippines.
Winchell Wong, assistant vice president at MIC’s investment management group, told Manila Bulletin on Tuesday, Aug. 26, that while “it’s a bit too early to say now because we are still finding larger projects,” the Philippine sovereign wealth fund (SWF) can invest around ₱5 billion.
“Together with ACWA Power, we are targeting large-scale, multi-megawatt (MW) RE projects across technologies such as solar and wind,” Wong told Manila Bulletin.
“MIC’s target investment size is ₱5 billion. So we can invest around that amount,” Wong said.
Data cited by Wong showed that 479,000 households in off-grid areas still lack a steady supply of power. As such, MIC initially targets exploring opportunities in small power utilities group (SPUG) and off-grid locations where demand is rising but supply remains unreliable. He noted sites in the Visayas region that show strong potential.
“The projects under consideration could deliver hundreds of MW of clean energy, benefiting hundreds of thousands of households that currently face unstable or costly power,” Wong said.
MIC President and Chief Executive Officer (CEO) Rafael Jose Consing Jr. clarified to Manila Bulletin that the fresh deal is different from the SWF’s earlier Mindoro and Palawan projects, which focus more on building transmission lines in those two islands.
The memorandum of understanding (MOU) with ACWA Power centers on developing renewable power capacity in geographically isolated and disadvantaged areas (GIDA), Consing explained.
According to Wong, MIC will use part of its ₱127.2-billion assets under management (AUM) to co-invest with ACWA Power, noting the fund will also tap a balanced debt-equity mix to keep the projects financially sustainable.
He added that MIC is already working with local government units (LGUs), the Department of Energy (DOE), and the Department of Environment and Natural Resources (DENR) to map out “high-potential areas” for the projects.
“While the final project structures are still being determined, both MIC and ACWA will adopt models appropriate to each project’s risk-return profile,” Wong said.
“One of the main challenges we anticipate is execution risk, such as securing land rights and right of way (ROW). These will be mitigated through MIC’s local knowledge and regulatory expertise, combined with ACWA’s global track record and proven execution capabilities,” he assured.
Both firms expect to make significant progress in the months ahead as they identify projects that align with the SWF’s mandate and impact goals.
Overall, Wong said the goal is to help fully electrify far-flung areas by giving them access to affordable and reliable RE. “By modernizing infrastructure and reducing reliance on fossil fuels, we aim to help lower overall energy costs.”
“This will also allow the government to gradually reduce subsidies and reallocate resources to other priorities,” Wong added.

Related Tags

Maharlika Investemnt Corp. (MIC) Rafael Jose D. Consing Jr. ACWA Power renewable energy (RE)
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