NEA, Maharlika in talks to upgrade Mindoro power facilities

By Sheldeen Joy Talavera – May 9, 2024 | 9:23 pm
from Business World

THE National Electrification Administration (NEA) said Maharlika Investment Corp. (MIC) has requested its participation in planning and evaluating the Mindoro Island Loop ahead of its upgrade or rehabilitation.

In a statement, the NEA said that it met with MIC on Tuesday to discuss future plans aimed at improving the power supply and distribution systems for Occidental and Oriental Mindoro.

The meeting follows a memorandum of agreement signed between the Oriental and Occidental Mindoro and their respective power cooperatives with MIC.

“Reliable power precedes progress. By upgrading and rehabilitating the area’s existing electrical infrastructure, we can open the doors to further investments and socio-economic development,” NEA Administrator Antonio Mariano Almeda was quoted as saying.

Mr. Almeda said that the project will facilitate key energy distribution development projects to address Mindoro’s lack of reliable power supply.

MIC serves as the sole vehicle for mobilizing and utilizing the Maharlika Investment Fund.

MIC President and Chief Executive Officer Rafael D. Consing, Jr. has said that the company is looking to raise $1 billion for energy projects, one of its priority investment areas.