Masdar Enters Philippines' Renewable Energy Market

Masdar, a global renewable energy pioneer based in the UAE, has signed an Implementation Agreement with the Philippines Department of Energy (DOE) to strengthen the country's renewable energy sector.

The agreement operationalizes the Memorandum of Understanding (MOU) on Energy Transition Cooperation agreed by the Philippines and the UAE in November 2024, during President Ferdinand R. Marcos Jr.'s official working visit to the UAE.

The agreement, signed during the Abu Dhabi Sustainability Week (ADSW), lays the groundwork for the development of up to 1 gigawatt (GW) of solar, wind, and battery energy storage systems (BESS) across various regions in the Philippines by 2030, with the goal of scaling up to 10 GW within a decade and an estimated total investment of $15 billion.

It was signed by Undersecretary Rowena Cristina L. Guevara on behalf of the DOE and Masdar 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 Masdar's Chairman.

According to the agreement, the DOE will support Masdar with pre-development efforts, technical research, collecting relevant rights, gathering project information, and obtaining all necessary clearances and permits. The DOE will also help Masdar submit applications for investment incentives and tax breaks. Meanwhile, Masdar will take the lead on project development, controlling commercial, technical, financial, and environmental work streams.

Raphael P. M. Lotilla, Secretary of Energy at the Philippines Department of Energy, stated, "Building on our countries' longstanding ties and the recent Energy Transition Cooperation agreement, we welcome Masdar's proven leadership and expertise in delivering utility-scale renewable energy solutions." This agreement will help us achieve our target of using 35 percent renewable energy in electricity generation by 2030.

This agreement marks Masdar's entry into the renewable energy industry in the Philippines. Masdar considers Southeast Asia an important investment destination. The business built Indonesia's largest floating solar project, the 145 MW Cirata Floating Solar PV Plant, which generates enough electricity to power 50,000 houses.

Masdar Chief Executive Officer Mohamed Jameel Al Ramahi stated, "We welcome this announcement as a substantial expansion of Masdar's activity in Southeast Asia, a critical strategic market in our ongoing efforts to generate 100GW of renewable energy production by 2030. With our demonstrated success in constructing large-scale renewable energy projects in the area and around the world, we are excited to use our expertise and experience to help the Philippines fulfill its ambitious renewable energy targets."