Abu Dhabi Future Energy Company (Masdar) has announced its entry into the Philippines market, signing agreements with the government of the Philippines to develop one gigawatt (GW) of clean energy projects to strengthen its growing portfolio in Southeast Asia.
The Implementation Agreement with the Department of Energy and the Memorandum of Understanding (MoU) with the Board of Investments of the Republic of the Philippines covers the development of solar, wind and battery energy storage systems (BESS) with a total capacity of up to 1GW by 2030.
The agreement, which will support the Philippines Energy Transition Program to achieve 35% renewable energy in power generation by 2030 and 50% by 2040, operationalises the MoU on Energy Transition Cooperation signed in November 2024 between the Philippines and the UAE, during the working visit of Philippine President Ferdinand R. Marcos Jr. to the country, which identified renewable energy as an area of collaboration.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar 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.”
Raphael P. M. Lotilla, Secretary of Energy at the Philippines Department of Energy commented: “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. This collaboration will significantly advance our goal of achieving 35% renewable energy in power generation by 2030.”
Ceferino S. Rodolfo, Undersecretary at the Philippines Department of Trade and Industry, and Board of Investments Managing Head, commented, “It is inspiring to witness the strengthening of the bilateral relations between our countries, following the visit of Philippine President Ferdinand R. Marcos to UAE last year and a series of reciprocal ministerial missions thereafter.”
“The partnership with Masdar is a testament to our mutual commitment to fostering a dynamic and sustainable economic future, and our shared vision for economic sustainability and prosperity. This aligns seamlessly with the Philippine strategy to position ourselves as a smart and sustainable hub for manufacturing and services in Southeast Asia,” he added.
Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi said, “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. 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.”
The agreement marks Masdar’s entry into the renewables sector in the Philippines. The company has developed the floating solar facility in Indonesia – the 145MW Cirata Floating Solar PV plant – generating enough electricity to power 50,000 homes. In February 2023, it entered geothermal energy sector through investment in Pertamina Geothermal Energy. Masdar also signed a landmark agreement with the Malaysian Investment Development Authority in 2023 for the development of 10GW of clean energy projects across the country.