The Philippines’ first sovereign wealth fund, the Maharlika Investment Corporation (MIC), has just taken a big step that could change the lives of thousands of Filipinos living in faraway islands without electricity.
MIC signed a Memorandum of Understanding (MOU) with ACWA Power, a big Saudi-listed energy developer, to study and explore projects that will bring renewable energy and storage systems to off-grid islands in the Philippines.
What the Deal Means
The MOU, signed by MIC president Rafael Consing Jr. and ACWA Power chief investment and development officer Thomas Brostrøm, is the first step toward building energy projects that could light up places where there is little or no power supply.
Under this agreement, both sides will:
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Study possible project sites where renewable energy can be built.
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Figure out how big the system should be for each island.
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Plan the transmission lines to deliver electricity.
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Check financial needs and agreements to make sure projects are doable and affordable.
Why It Matters
Many island communities in the Philippines are still not connected to the main power grid. This means families depend on expensive diesel generators, or worse, live without electricity at all.
Consing said this project could be a “transformative energy initiative” for these places. He explained that the goal is to provide clean, reliable, and low-cost energy while also creating a lasting social impact.
He added:
“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.”
The Bigger Picture – Maharlika’s Role
The Maharlika Investment Corporation was created through Republic Act No. 11954, signed into law in July 2023. It is the country’s first-ever sovereign wealth fund, meaning it manages government assets and invests them in projects that will generate revenue and serve the Filipino people.
This renewable energy project could become one of Maharlika’s flagship investments—something that shows how the fund can improve lives while also making smart financial moves.
ACWA Power’s Commitment
On the other side, ACWA Power expressed excitement about working with Maharlika.
Thomas Brostrøm said:
“We are excited to partner with Maharlika Investment Corporation in exploring renewable energy solutions for communities in the Philippines.”
He added that this partnership reflects their shared goal of inclusive energy access and sustainable development, meaning they want to make sure even the most remote communities can enjoy clean and dependable electricity.
✅ In short:
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Maharlika Investment Corporation and ACWA Power have agreed to study renewable energy projects for off-grid islands in the Philippines.
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The plan could bring clean and affordable power to communities still living without proper electricity.
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This deal may mark the start of a major energy shift in the country—one that blends social impact, sustainability, and smart investments.
