The Maharlika Investment Corp.’s (MIC) planned acquisition of a stake in the National Grid Corp. of the Philippines (NGCP) is unlikely to close this year, with Department of Energy (DOE) Secretary Sharon Garin saying negotiations between the parties are taking longer than expected.

Garin confirmed that MIC has yet to sign the agreement involving its planned buy-in because the fund is still seeking additional documents from NGCP. “MIC is asking for more documents from NGCP,” she told reporters last Friday.

Asked whether the transaction could be finalized before year-end, Garin said, “This December? Maybe next year,” noting that discussions between the two parties “are not over yet.”  

The energy chief earlier wrote MIC to seek updates on the sovereign wealth fund’s proposed 10% buy-in, following inquiries from lawmakers. “So far, they haven’t signed anything because they’re still asking for documents from NGCP,” Garin said.

The MIC–NGCP deal was first announced in January through public disclosures by Synergy Grid and Development Philippines Inc. (SGP), NGCP’s listed parent company. Under the binding term sheet, MIC agreed to acquire a 20% stake in SGP, a transaction initially targeted for completion within 180 days. SGP holds 60% of NGCP’s voting rights, with the State Grid Corp. of China owning the remaining 40%.

If the deal slips into 2026, it would extend the process nearly a year from its announcement and follow recent corporate changes at SGP, including the resignation of Robert Coyiuto Jr. as vice chair last month. These elements have fueled market speculation about the entry of the country’s sovereign wealth fund into the transmission operator.

NGCP remains the sole private concessionaire responsible for operating, maintaining, and expanding the national transmission grid under a 25-year franchise granted in 2009.

What implications do you think the delayed MIC–NGCP deal could have on grid development and investor confidence in the energy sector?

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