Masdar enters the Philippine market to develop renewable energy projects

Abu Dhabi Future Energy Company (Masdar) announced the signing of agreements with the Philippine government to develop renewable energy projects with a capacity of one gigawatt, by 2030, as part of its efforts to enhance its growing project portfolio in the Southeast Asia region.

Masdar stated, in a statement yesterday, that an implementation agreement had been signed with the Philippine Ministry of Energy, and a memorandum of understanding with the Philippine Board of Investment, to develop solar and wind power plants and battery systems for energy storage with a total capacity of up to one gigawatt by 2030.

In the presence of the Minister of Industry and Advanced Technology and Chairman of the Masdar Board of Directors, Dr. Sultan Ahmed Al Jaber, and the Philippine Minister of Energy, Rafael Lutela, the implementation agreement was signed by the Undersecretary of the Philippine Ministry of Energy, Rowena Cristina Guevara, and the CEO of Masdar, Mohammed Jameel Al Ramahi, who Exchanging a memorandum of understanding with the Philippine Ambassador to the country, Alfonso Ferdinand.

The agreement will contribute to supporting the National Renewable Energy Program in the Philippines, which aims to provide 35% of energy from renewable sources by 2030, and 50% by 2040, and activating the memorandum of understanding on cooperation in the field of energy transition signed in November 2024 between the UAE. And the Philippines, during a working visit by Philippine President Ferdinand Marcos Jr. to the country, where renewable energy was one of the areas of cooperation between the two countries.

Al Jaber said: “In line with the vision and directives of the leadership to support the dissemination of renewable energy solutions and advance sustainable development around the world, this agreement comes to strengthen the close cooperation relations between the UAE and the friendly Republic of the Philippines, whereby we will work to employ the UAE’s global expertise in the field of renewable energy and benefit from it.” The abundance of natural energy sources in the Philippines to develop quality projects that contribute to providing new job opportunities, advancing sustainable economic and social development and increasing clean energy capacity in line with the goal of the (historic UAE agreement) of tripling the global capacity for renewable energy by the year 2030.”

For his part, Lotila said, “Within the framework of bilateral cooperation relations between the UAE and the Philippines, and the cooperation agreement between the two countries in the field of energy transformation that was recently signed, we welcome cooperation with Masdar and benefiting from its extensive experience and leadership in developing renewable energy projects and solutions on the Facilities level.

He added that this cooperation would contribute significantly to achieving our goal of providing 35% of energy from renewable sources by 2030.