Emirati state-owned company Masdar has formalized its investment plans worth USD15 billion in the Philippines’ renewable energy (RE) sector by signing an Implementation Agreement with the Department of Energy (DOE).
The DOE announced Thursday that Undersecretary Rowena Guevara and Masdar chief executive officer Mohamed Jameel Al Ramahi signed the Implementation Agreement for the development of RE projects in the Philippines in Abu Dhabi on Jan.15.
It was witnessed by DOE Secretary Raphael Lotilla and UAE Minister of Industry and Advanced Technology and Masdar chairman Dr. Sultan Al Jaber.
The Implementation Agreement is the first deal forged between the Philippines and UAE following the signing of the Memorandum of Understanding (MOU) on Energy Transition Cooperation in November 2024 during President Ferdinand R. Marcos Jr.’s official working visit to the Middle East country.
“Building on the longstanding ties between the Philippines and the UAE, and the recent Energy Transition Cooperation, this partnership with Masdar marks a transformative step in our renewable energy journey,” Lotilla said.
“Under President Marcos Jr.’s leadership, the Philippines is integrating renewable energy into its energy mix on an unprecedented scale, ensuring energy security while fostering sustainable economic growth and environmental stewardship. This collaboration sets a new benchmark for energy transition in the region.”
Under the RE agreement between DOE and Masdar, the latter is eyeing to invest USD15 billion to develop at least 1 gigawatt (GW) of solar, wind, and battery energy storage system (BESS) by 2030, and scaling it up to 10GW within the decade. It will develop and oversee commercial, technical, financial, and environmental work streams.
On the other hand, 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.
“By leveraging 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,” Al Jaber said. (PNA)
