Masdar, a UAE-based global leader in renewable energy, has signed an Implementation Agreement with the Philippines Department of Energy (DOE), to develop the renewable energy sector of the Southeast Asian country.
The agreement operationalizes the Memorandum of Understanding (MOU) on Energy Transition Cooperation signed between the Philippines and the UAE in November 2024, during the official working visit of President Ferdinand R. Marcos Jr. to the UAE.
Signed during the Abu Dhabi Sustainability Week (ADSW), the agreement sets the stage for developing up to 1 gigawatt (GW) of solar, wind and battery energy storage systems (BESS) across various regions in the Philippines by 2030, aiming to scale up to 10 GW within a decade, with an estimated total investment of $15 billion.
It was signed by Undersecretary Rowena Cristina L. Guevara on behalf of the DOE, and Masdar Chief Executive Officer (CEO) Mohamed Jameel Al Ramahi, in the presence of Secretary Lotilla and His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar.
Under the agreement, the DOE will assist Masdar in conducting pre-development activities, technical studies, securing the necessary rights, gathering project information, and obtaining all required approvals and permits. The DOE will also facilitate Masdar’s applications for investment incentives and tax exemptions. Meanwhile, Masdar will take the lead in project development, overseeing commercial, technical, financial, and environmental workstreams.
Dr. Sultan Ahmed Al Jaber UAE Minister of Industry & Advanced Technology, Chairman – Masdar
“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 that, “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 percent renewable energy in power generation by 2030.”
This collaboration marks Masdar’s entry into the renewable sector in the Philippines. Southeast Asia is a key investment destination for Masdar. The company has developedthe region’s largest floating solar facility in Indonesia, the 145 MW Cirata Floating Solar PV Plant, which is generating enough electricity to power 50,000 homes.
In February 2023, it entered the geothermal energy sector through a strategic investment in Pertamina Geothermal Energy. Masdar also signed a landmark agreement with the Malaysian Investment Development Authority in 2023 for the development of 10 GW of clean energy projects across the country.
Masdar Chief Executive Officer, Mohamed Jameel Al Ramahi, said that, “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 utilizing our expertise and experience to support the Philippines in meeting its ambitious renewable energy goals.”
