UAE’s Masdar has announced an investment of approximately $15 billion in renewable energy projects in the Philippines, signifying a major expansion into Southeast Asia’s clean energy market.
This initiative aims to develop up to one gigawatt (GW) of solar, wind, and battery energy storage systems in the Philippines by 2030, with plans to scale up to 10 GW within the next decade.
The implementation agreement, formalized during the Abu Dhabi Sustainability Week, was signed by Masdar’s Chief Executive Officer Mohamed Jameel Al Ramahi and Department of Energy (DOE) Undersecretary Rowena Cristina L. Guevara.
Meanwhile, the memorandum of understanding (MOU) was exchanged between Philippine Ambassador to the UAE Alfonso Ferdinand A. Ver and Masdar’s CEO. DOE Secretary Raphael P.M. Lotilla and UAE Minister of Industry and Advanced Technology and Masdar Chairman Sultan Al Jaber were also present during the signing ceremony.
The deal follows an MOU signed in November 2024, which focused on energy transition cooperation between the UAE and the Philippines.
“With our proven success in implementing large-scale renewable energy projects in the region and worldwide, we look forward to utilising our expertise and experience to support the Philippines in meeting its ambitious renewable energy goals,” Al Ramahi said.
In a statement, Lotilla expressed optimism about the partnership, highlighting its potential to enhance energy security, reduce dependence on fossil fuels, and create economic opportunities through job generation and technology transfer.
“Building on the long-standing 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. This collaboration will significantly advance our goal of achieving 35% renewable energy in power generation by 2030,” he was quoted as saying in a WAM report.
Under the agreement, the Philippines’ Department of Energy will assist Masdar with pre-development activities, technical studies, and securing necessary permits, while Masdar will take the lead on project development, including commercial and environmental aspects.
The Philippines is poised to enhance its renewable energy share to 35% by 2030 and 50% by 2040, up from 22.8% in 2022.
