Maharlika Investment Corp. (MIC) will acquire transmission assets owned by the National Power Corp. (NPC) in Mindoro under a new government-backed initiative to rehabilitate and modernize the island’s power infrastructure.

The cooperation agreement, signed on Monday, formalizes the participation of National Transmission Corp. (TransCo) and NPC in the rehabilitation and modernization of Mindoro’s transmission assets.

Signatories included Energy Secretary Sharon Garin, NEA Administrator Antonio Mariano Almeda, MIC President and CEO Rafael Consing Jr., TransCo President and CEO Joseph Omar Castillo, and NPC President and CEO Jericho Jonas Nograles.

TransCo will serve as the Systems Operator of the upgraded island grid. 

The latest agreement expands on the partnership first forged between NEA and MIC in 2024, which laid the groundwork for the upgrading of qMindoro’s power infrastructure. 

During the signing ceremony, Administrator Almeda said the inclusion of TransCo and NPC marks a significant step toward improving the island’s power system.

“Today, we are strengthening our efforts as we formalize this cooperation, formally bringing into the fold the TransCo and the NPC. This cooperation will result in the concrete steps to be taken by all the concerned agencies for Mindoro Island,” Almeda said.

He emphasized that the rehabilitation project is expected to enhance both the capacity and reliability of the island grid.

“Once completed, the fully rehabilitated Mindoro loop will accommodate greater capacity for power generation, as well as provide more reliable systems for energy stability and security,” he said.

Almeda also cited the far-reaching impact of unstable electricity supply on the lives of Mindoro residents and communities, stressing the government’s commitment to addressing these challenges.

“To the people of Mindoro Island, I have seen firsthand the severe impact the absence of electricity has in your lives. We stand here before you today as a reminder that we have always, and will continue, to work to ensure that you do not face such hardships again,” the NEA chief said.