On January 16th, Masdar, Abu Dhabi’s future energy company, signed an implementation agreement with the Department of Energy of the Philippines and a memorandum of understanding (MoU) with the Board of Investments of the Republic of the Philippines to advance its renewable energy development goals.
Under the agreement, Masdar will leverage its renewable energy technologies and expertise to help the Philippines achieve its target of sourcing 35% of its power from renewable sources by 2030, with this figure rising to 50% by 2040. Rafael Lotilla, Secretary of the Department of Energy of the Philippines, highly appreciated the cooperation and pointed out that based on the long-standing ties between the two countries and the recent energy transition cooperation agreement, Masdar’s involvement will significantly advance the Philippines’ renewable energy development process.
In November 2024, the United Arab Emirates and the Republic of the Philippines signed an energy transition cooperation agreement, identifying several areas of cooperation, including renewable energy, transmission and distribution systems, nuclear energy, energy efficiency and conservation, as well as alternative fuels and emerging technologies. Masdar’s entry into the Philippine market is a direct outcome of this partnership, not only strengthening ties between the two countries in energy transition but also bringing new opportunities for the Philippines to achieve its renewable energy goals.
Mohamed Jameel Al Ramahi, CEO of Masdar, welcomed the announcement, describing it as a significant expansion of Masdar’s business in Southeast Asia. He emphasized that with Masdar’s successful experience in implementing large-scale renewable energy projects globally, the company looks forward to using its expertise and experience to support the Philippines in achieving its renewable energy targets.
In fact, Southeast Asia has become a key strategic market for Masdar in achieving its goal of installing 100GW of renewable energy capacity by 2030. As early as August 2021, Masdar had begun construction of a floating solar photovoltaic power station project with PLN Nusantara Power (PLN NP), a subsidiary of Indonesia’s state-owned electricity company PPT PLN, which was completed in November 2023. Subsequently, the two parties announced plans to expand the project’s generating capacity to 500MW.
This cooperation between Masdar and the Philippines not only consolidates Masdar’s position in the Southeast Asian market but also injects new impetus into the Philippines’ renewable energy development.
