Masdar has entered the Philippines market by signing key agreements to develop 1 gigawatt (GW) of clean energy projects. This expansion is a significant step in Masdar’s broader growth strategy across Southeast Asia.
An implementation agreement with the Department of Energy and a memorandum of understanding (MoU) with the Board of Investments are also part of the agreements. These partnerships focus on developing solar, wind, and battery energy storage systems (BESS) in the Philippines.
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Government Collaboration
The signing ceremony was attended by key officials, including HE Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology. Raphael P M Lotilla, Secretary of Energy of the Philippines, was also present. Masdar’s CEO, Mohamed Jameel Al Ramahi, and Undersecretary Dr. Rowena Cristina L. Guevara from the Philippine Department of Energy signed the Implementation Agreement. The MoU was exchanged between Alfonso Ferdinand A. Ver, the Ambassador of the Philippines to the UAE, and Al Ramahi.
This agreement supports the Philippines’ Energy Transition Program. The program aims to generate 35% renewable energy by 2030 and 50% by 2040. The partnership builds on the MoU on Energy Transition Cooperation. The MoU was signed in November last year during Philippine President Ferdinand R Marcos Jr’s visit to the UAE.
Expanding Footprint, Future Outlook
The entry of Masdar in the Philippines is part of its expansion strategy. The company is targeting to expand its renewable energy portfolio across Southeast Asia. Efforts to expand its portfolio are already underway, including establishing Indonesia’s largest floating solar facility.
Masdar also invested in Pertamina Geothermal Energy in 2023 and signed an agreement for 10GW of clean energy projects in Malaysia.
Since its establishment in 2006, Masdar has been highly instrumental in the sustainability agenda of the UAE. The company seeks to reach 100GW renewable capacity by 2030 and emerge as a global leader in the production of green hydrogen. To date, Masdar has delivered projects in over 40 countries and targets 1 million tonnes of green hydrogen annually by 2030.