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The Maharlika Investment Corp. (MIC) has entered into a memorandum of understanding (MoU) with Saudi Arabian energy company ACWA Power to explore renewable energy (RE) projects targeting off-grid locations in the Philippines. The agreement, signed on June 30, represents a significant step towards enhancing energy access in remote regions of the archipelago.

Rafael D. Consing, Jr., MIC's President and CEO, stated that while no specific islands have been identified for initial projects, assessments are underway to determine priority locations. The MoU facilitates joint studies to evaluate the feasibility of developing power generation and energy storage systems tailored to the unique needs of these islands. ACWA Power emphasized that these studies will include site identification, system sizing, transmission requirements, and offtake agreements.

ACWA Power has established itself as a significant player in the renewable energy sector, functioning as a developer, investor, and operator of various projects, including green hydrogen initiatives. The company's Chief Investment and Development Officer, Thomas Brostr'm, expressed enthusiasm for the partnership, citing a mutual commitment to inclusive energy access and sustainable development.

In a related development, Meralco Powergen Corp. (MGen), a subsidiary of Manila Electric Co. (Meralco), has also formed a collaboration with ACWA Power to explore solar energy opportunities in the Philippines and Southeast Asia. This partnership was formalized during the ASEAN Summit in Kuala Lumpur.

Furthermore, MIC is actively investing its P75 billion funding, having already allocated a portion and planning to deploy the remaining balance within the year. Earlier this year, MIC secured a 20% stake in Synergy Grid & Development Phils., Inc. for approximately P19.7 billion, underscoring its strategic investment in the National Grid Corp. of the Philippines.

In conclusion, the collaboration between MIC and ACWA Power signals a proactive approach to addressing renewable energy challenges in the Philippines, particularly for off-grid communities, and reflects a broader trend towards sustainable energy solutions in the region.