The Philippines’ Maharlika Investment Corp has signed an agreement with Saudi Arabia’s ACWA Power to develop renewable energy projects that will bring electricity to off-grid islands in the Southeast Asian country.
Rafael Jose Consing Jr, president and chief executive officer of the Philippine sovereign wealth fund, announced the pact on his LinkedIn account on August 24. He did not disclose the value.
According to Consing, teaming up with ACWA Power will allow Maharlika to leverage “world-class expertise and strategic capital” to unlock renewable energy potential in the Philippines. ACWA Power is 40% owned by Public Investment Fund, the Saudi Arabian sovereign wealth fund.
Consing says the deal will help fulfil Maharlika’s mandate to generate long-term value for the Philippines while promoting inclusive and sustainable development.
“For too long, many of our remote communities have been left in the dark. This partnership aims to change that, empowering Filipinos with access to clean, reliable, and affordable energy,” he says.
The wealth fund’s two other investments were the acquisition of a 20% stake in state-run power grid operator National Grid Corporation of the Philippines for 19.7 billion pesos (US$345 million), and a strategic partnership with Thailand’s Charoen Pokphand Group to co-invest in agriculture and food production, digital innovation and sustainable energy. Both deals were signed earlier this year.
