According to Solarbe, on January 16, Abu Dhabi Future Energy Company (Masdar) signed an implementation agreement with the Philippine Department of Energy (DOE) and a Memorandum of Understanding (MoU) with the Board of Investments of the Republic of the Philippines (BOI) to advance its renewable energy development goals.
Under the agreement, Masdar will utilize its renewable energy technologies and expertise to help the Philippines achieve its target of 35 percent renewable energy generation by 2030, which will further increase to 50 percent by 2040. Philippine Secretary of Energy Rafael Lotilla expressed his high appreciation for the partnership, noting that the addition of Masdar will significantly advance the renewable energy development process in the Philippines based on the longstanding ties between the two countries and the recent Energy Transformation Cooperation Agreement.
In November 2024, the UAE and the Republic of the Philippines signed a cooperation agreement for the energy transition, identifying a number of 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 result of this partnership, which not only strengthens the ties between the two countries in the energy transition, but also brings the Philippines It also opens up new opportunities for the Philippines to realize its renewable energy goals.
Mohamed Jameel Al Ramahi, Masdar's Chief Executive Officer, said the company welcomes the announcement as a significant expansion of Masdar's presence in Southeast Asia. He emphasized that with Masdar's successful experience in implementing large-scale renewable energy projects globally, the company looks forward to leveraging expertise and experience to support the Philippines in achieving its renewable energy goals.
In fact, Southeast Asia has become a key strategic market for Masdar's goal of achieving 100GW of installed renewable energy capacity by 2030. Back in August 2021, Masdar started construction of a floating solar PV plant project with PLN Nusantara Power (PLN NP), a subsidiary of Indonesia's state-owned power utility PPT PLN, and completed it in November 2023. Since then, the two parties have also announced plans to expand the project's power generation capacity to 500MW.
This cooperation between Masdar and the Philippines not only strengthens its position in the Southeast Asian market, but also gives new impetus to the development of renewable energy in the Philippines.
Source：https://news.solarbe.com/202501/22/386047.html