Masdar, a leading UAE-based renewable energy company, is keen on investing in solar, wind energy and battery energy storage systems (BESS) to generate up to one gigawatt for the Philippines by 2023, the Board of Investments (BOI) revealed.
Already, the BOI has signed a Memorandum of Understanding (MOU) with Masdar to assist and facilitate the latter’s planned investments in the renewable energy sector in the Philippines. Masdar is specifically keen on investing in solar and wind energy, and battery energy storage systems (BESS) with a capacity totaling up to one (1) GW by 2030.
The MOU was signed on Jan. 15, 2024 by Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo and Masdar CEO Mohamed Jameel Al Ramahi, with Philippine Ambassador to the UAE, H.E. Alfonso A. Ver, UAE Minister of Industry and Advanced Technology and Masdar Chairman, H.E. Dr. Sultan Al Jaber witnessing the event.
“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,” Rodolfo said.
He continued, “Masdar’s renewable energy initiatives will contribute to accelerating sustainable economic growth across different regions in the Philippines, and will particularly complement our infrastructure development initiatives within the Luzon Economic Corridor (LEC)—Subic Bay, Clark, Manila, and Batangas—which are being developed as an economic hub for commerce, industry, and logistics. Together with Masdar, we give our unwavering commitment to fostering a greener and more resilient future for the Philippines.”
Al Ramahi expressed his enthusiasm for the partnership, “We welcome this announcement as a significant expansion of Masdar’s activities in Southeast Asia, a key strategic market in our 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 utilizing our expertise and experience to support the Philippines in meeting its ambitious renewable energy goals”
The MOU between BOI and Masdar signals Masdar’s entry into the Philippine renewable energy sector, adding to its growing RE portfolio in Southeast Asia. It was signed alongside Masdar’s Implementation Agreement with the Department of Energy (DOE). Both agreements are supportive of the Philippines’ Energy Transition Program, which targets 35% renewable energy in the country’s total power generation mix by 2030 and 50% by 2040. These further operationalize the MOU on Energy Transition Cooperation signed between the Philippines and UAE in November 2024, identifying renewable energy as a key area of collaboration.
Masdar has been a key player in UAE’s sustainability efforts since its establishment in 2006. The company has partnered on projects across over 40 countries, with a target of reaching 100GW in renewable energy capacity and producing 1 million tons of green hydrogen annually by 2030.
