UAEBusiness

Philippines, UAE seal $15-billion landmark solar-wind-batteries deal

Masdar to develop up to 1-GW renewable energy projects in the Philippines by 2030

The Philippines has secured a $15-billion investment from UAE-based renewable energy leader Masdar (Abu Dhabi Future Energy Company PJSC – Masdar), it was announced recently.

The deal calls for the development of up to 1-gigawatt (GW) of renewable energy projects by 2030 involving solar, wind and grid-scale batteries.

Implementation agreement

The landmark Implementation Agreement between Masdar and the Department of Energy (DOE) was formalised on Wednesday, January 15, in Abu Dhabi.

The agreement was signed by Philippine DOE Undersecretary Rowena Guevara and Masdar CEO Mohamed Jameel Al Ramahi, witnessed by DOE Secretary Raphael Lotilla and UAE Minister of Industry and Advanced Technology, Masdar Chairman Dr. Sultan Al Jaber.

Partnership

Masdar’s ambitious renewable energy plans follow the Memorandum of Understanding (MOU) on Energy Transition Cooperation signed in November 2024 during President Ferdinand R. Marcos Jr.’s visit to the UAE.

This partnership marks the first major renewable energy collaboration between the two nations, leveraging their shared commitment to sustainable development.

“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,” said Lotilla.

The agreement focuses on developing solar, wind, and battery energy storage systems (BESS), with a goal of scaling capacity to 10GW within the decade.

Masdar will handle commercial, technical, financial, and environmental aspects of the projects, while the DOE will assist with pre-development activities, technical studies, approvals, and permits.

The Philippines’ Luzon Economic Corridor (LEC)including Subic Bay, Clark, Manila, and Batangas is set to benefit significantly from these investments, further cementing its role as a hub for commerce, industry, and logistics.

UAE Consensus

Masdar Chairman Dr. Sultan Al Jaber highlighted the collaboration’s significance: “By leveraging the UAE’s world-class renewable energy expertise 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.”

Under the leadership of President Marcos Jr., the Philippines is integrating renewable energy into its energy mix at an unprecedented scale, prioritising energy security while fostering sustainable economic growth and environmental stewardship.

This partnership sets a new benchmark for the energy transition in Southeast Asia.

In October, the Philippines has also signed a landmark cooperation renewable energy deal with Saudi Arabia.

Philippines: 50% renewable power 2040

The agreement will support the Philippines Energy Transition Program to achieve 35 per cent renewable energy in power generation by 2030 and 50 per cent by 2040.

It also 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.

Masdar in Asean

Masdar has developed the Asean region’s largest floating solar facility in Indonesia – the 145MW 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 10GW of clean energy projects across the country.

Source: gulfnews

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