The Philippines and UAE-based Masdar have formalized a partnership to bring 1 gigawatt (GW) of renewable energy (RE) projects to the country by 2030, reinforcing both nations’ commitment to sustainable development.
The Board of Investments (BOI) signed a Memorandum of Understanding (MOU) with Masdar on January 15, 2024, to facilitate the UAE company’s planned investments in solar, wind, and battery energy storage systems (BESS) across the Philippines.
Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo highlighted the strategic importance of the collaboration.
“This partnership with Masdar is a testament to our mutual commitment to fostering a dynamic and sustainable economic future,” Rodolfo said.
He added that the initiatives align with the Philippines’ goal of positioning itself as a sustainable hub for manufacturing and services in Southeast Asia.
Masdar CEO Mohamed Jameel Al Ramahi expressed enthusiasm about the partnership and its potential impact on the region.
“We welcome this announcement as a significant expansion of Masdar’s activities in Southeast Asia, a key strategic market in our ongoing efforts to achieve a renewable energy capacity of 100GW by 2030,” Al Ramahi said.
The agreement complements the Philippines’ Energy Transition Program, which aims to achieve 35% renewable energy in the country’s power generation mix by 2030 and 50% by 2040.
Masdar’s entry into the Philippines’ renewable energy sector follows an Implementation Agreement signed with the Department of Energy (DOE). These agreements operationalize the MOU on Energy Transition Cooperation signed between the Philippines and UAE in November 2024.
Rodolfo emphasized that Masdar’s projects will accelerate economic growth, particularly within the Luzon Economic Corridor (LEC), encompassing Subic Bay, Clark, Manila, and Batangas.
“Together with Masdar, we give our unwavering commitment to fostering a greener and more resilient future for the Philippines,” he said.
The BOI and DOE are working together to create a favorable business environment for RE investments through incentives and support mechanisms.
Established in 2006, Masdar is a global leader in renewable energy, with projects in over 40 countries. The company aims to achieve 100GW of renewable energy capacity and produce 1 million tons of green hydrogen annually by 2030.
This partnership underscores the Philippines’ dedication to its green transition, ensuring sustainable economic growth and positioning the nation as a key player in the global green economy.
