Maharlika eyes P5-B off-grid RE projects

Around P5 billion worth of investments is the figure that 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.

- By DERCO ROSAL

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 (SWE) can invest around P5 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 P5 billion. So we can invest around that amount,” Wong said.