Emirati state-owned energy company Masdar has committed to investing USD 15 billion in the Philippines’ renewable energy sector, following the signing of an Implementation Agreement with the Department of Energy (DOE). The agreement, signed in Abu Dhabi on January 15, marks the first major energy collaboration between the two countries since the signing of the Energy Transition Cooperation Memorandum of Understanding (MOU) in November 2024.
Under the agreement, Masdar aims to develop at least 1 gigawatt (GW) of renewable energy projects—including solar, wind, and battery energy storage systems (BESS)—by 2030, with plans to scale up to 10 GW over the next decade. The company will oversee the commercial, technical, financial, and environmental aspects of the projects, while the DOE will facilitate pre-development activities, technical studies, and regulatory approvals.
The partnership is expected to boost the Philippines’ renewable energy supply, which remains critical as the country seeks to transition away from fossil fuels and address rising energy demand. Masdar, one of the world’s leading renewable energy companies, brings extensive experience in developing large-scale clean energy projects, particularly in emerging markets. Its entry into the Philippines signals growing investor confidence in the country’s renewable energy sector and supports the government’s goal of increasing the share of renewables in the energy mix to 50% by 2040.
(Source: Philippine News Agency)
