Maharlika Investment Corporation and ACWA Power Sign MOU to Explore Renewable Energy Projects in Off-Grid Islands in the Philippines

Manila, Philippines: Maharlika Investment Corporation (MIC), the Philippines’ sovereign wealth fund, and ACWA Power, a Saudi-listed developer, investor, and operator of power and desalinated water plants backed by the Public Investment Fund (PIF), have signed a Memorandum of Understanding (MOU) to explore a potential strategic collaboration on the development of renewable energy and energy storage projects for off-grid islands in the Philippines.

The MOU was signed by MIC President and CEO Rafael D. Consing, Jr. and ACWA Power Chief Investment and Development Officer Thomas Brostrøm, paving the way for the development of potential co-investments in energy solutions tailored for underserved communities in the Philippines not connected to the main grid. The agreement marks a significant step in aligning sovereign capital with global expertise to promote inclusive and sustainable energy.

“Our collaboration with ACWA Power will potentially open doors to transformative energy initiatives in unserved regions outside our main grid,” said Consing. “Through this MOU, we aim  to jointly assess the viability of delivering clean, reliable, and cost-effective energy to island communities—creating both social impact and long-term value.”

Under the MOU, MIC and ACWA Power will jointly undertake technical, commercial, and financial studies to assess the feasibility of developing power generation and energy storage infrastructure in islands outside the main grid. These studies will identify potential project sites, system sizing, transmission requirements, and offtake arrangements.

MIC’s entry into the MOU is in line with its dual mandate: delivering sustainable, long-term returns while advancing national priorities such as energy security, rural development, and environmental resilience.

Through this collaboration, ACWA Power and MIC aim to explore the development of large-scale renewable energy projects that will advance the Philippines’ energy transition. The MOU represents a step toward identifying opportunities that support national energy security and expand access to reliable electricity in off-grid and underserved areas.