ABU DHABI, 16th January, 2025 (WAM) — Abu Dhabi Future Energy Company PJSC – Masdar has announced its entry into the Philippines market, signing agreements with the government of the Philippines to develop 1 gigawatt (GW) of clean energy projects to strengthen its growing portfolio in Southeast Asia.
The Implementation Agreement with the Department of Energy and the Memorandum of Understanding with the Board of Investments of the Republic of the Philippines covers the development of solar, wind and battery energy storage systems (BESS) with a total capacity of up to 1GW by 2030.
The signing ceremony of both agreements was witnessed by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, and Raphael P.M. Lotilla, Secretary of Energy of the Philippines.
The Implementation Agreement was signed by Undersecretary Dr. Rowena Cristina L. Guevara, Republic of the Philippines Department of Energy, and Masdar’s Chief Executive Officer, Mohamed Jameel Al Ramahi, with the MoU exchanged between the Ambassador of the Philippines to the UAE, Alfonso Ferdinand A. Ver, and Masdar’s CEO.
The agreement, which will support the Philippines Energy Transition Programme to achieve 35 percent renewable energy in power generation by 2030 and 50 percent by 2040, 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.
Dr. Al Jaber said, “This partnership marks a new chapter in the long-standing 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.”
Lotilla commented, “Building on the long-standing 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.”
Secretary Lotilla further emphasised that the landmark partnership underscores the Philippines’ commitment to a clean energy future.
By integrating renewable energy into the country’s energy mix on an unprecedented scale, the Administration of President Marcos Jr. is enhancing energy security while laying a strong foundation for sustainable economic growth and environmental stewardship.
With Masdar’s support, the Philippines is setting a new benchmark for energy transition in the region.
Ceferino S. Rodolfo, Undersecretary at the Philippines Department of Trade and Industry and Board of Investments Managing Head, commented, “It is inspiring to witness the strengthening of the bilateral relations between our countries, following the visit of Philippine President Ferdinand R. Marcos to UAE last year and a series of reciprocal ministerial missions thereafter.
The partnership with Masdar is a testament to our mutual commitment to fostering a dynamic and sustainable economic future, and our shared vision for economic sustainability and prosperity. This aligns seamlessly with the Philippine strategy to position ourselves as a smart and sustainable hub for manufacturing and services in Southeast Asia.”
He added, “The Philippines is making significant strides in the renewable energy sector. Masdar’s own planned renewables projects will contribute to accelerating sustainable economic growth in the different regions in the Philippines, and will especially complement our infrastructure development initiatives within the Luzon Economic Corridor (LEC) — Subic Bay, Clark, Manila, and Batangas — which is being developed as an economic hub for commerce, industry, and logistics.
“The Department of Trade and Industry, through the Board of Investments, will be Masdar’s staunch partner. Together with Masdar, we give our unwavering commitment to fostering a greener and more resilient future for the Philippines.”
Al Ramahi welcomed the announcement as a significant expansion of Masdar’s activities in Southeast Asia, a key strategic market in its 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 utilising our expertise and experience to support the Philippines in meeting its ambitious renewable energy goals,” he added.
The agreement marks Masdar’s entry into the renewables sector in the Philippines. Southeast Asia is a key investment destination for Masdar.
The company has developed the 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.
By RM / ES
