Abu Dhabi Future Energy (Masdar) has announced investment plans worth $15bn to develop 1GW of renewable energy projects in the Philippines by 2030, marking its formal entry into the Southeast Asian country’s clean energy sector.
In line with this, the UAE-based clean energy company signed an implementation agreement with the Philippines Department of Energy (DOE) and a memorandum of understanding (MoU) with the Philippine Board of Investments.
Under the agreements, Masdar aims to expand its Southeast Asian portfolio by delivering solar, wind, and battery energy storage systems (BESS). The initiative will also focus on scaling up capacity to 10GW by the next decade.
Masdar will oversee commercial, technical, financial, and environmental aspects of the projects.
The DOE will provide support for pre-development activities, including technical studies, securing permits and approvals, as well as gathering project information.
DOE Secretary of Energy Raphael Lotilla said: “Building on the longstanding ties between our nations and the recent Energy Transition Cooperation agreement, we welcome Masdar’s proven leadership and expertise in delivering utility-scale renewable energy solutions.”
The partnership between Masdar and the Philippines also aims to advance the Philippines’ Energy Transition Program to obtain 35% clean energy in power generation by 2030 and 50% by 2040.
Besides, the agreements align with the country’s efforts to reduce reliance on fossil fuels, while enhancing energy security and fostering sustainable economic growth.
UAE Minister of Industry and Advanced Technology and Masdar chairman Sultan Al Jaber said: “This partnership marks a new chapter in the longstanding relationship between the UAE and the Philippines.
“By leveraging the UAE’s world-class expertise in renewable energy and the Philippines’ abundant natural resources, this agreement will create jobs, drive low-carbon socio-economic progress and expand global renewable energy capacity in line with the UAE Consensus.”
Previously, Masdar developed the 145MW Cirata floating solar photovoltaic (PV) plant in Indonesia, showcasing the UAE-based company’s focus in Southeast Asia.
The company has also invested in geothermal energy and signed agreements to develop 10GW of clean energy projects in Malaysia.
