Leading United Arab Emirates-based renewable energy company Masdar’s planned solar and wind energy and battery energy storage system (BESS) project in the Philippines which will have a total capacity of up to 1 GW by 2030, is now nearing implementation as the proponent and the Board of Investments finally sealed an agreement recently.

This is after a memorandum of understanding (MoU) on 15 January was signed between BoI Managing Head Ceferino Rodolfo and Masdar CEO Mohamed Jameel Al Ramah. The MoU signing was witnessed by 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.

“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,” BoI managing head and Trade Undersecretary Ceferino Rodolfo said after the signing.

Sustainable growth acceleration

Further, Rodolfo said that “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,” he stressed.

Masdar CEO Mohamed Jameel Al Ramahi, for his part, expressed enthusiasm for the partnership, stating, “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.”

Masdar’s growing RE portfolio

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.

The agreement was sealed alongside Masdar’s Implementation Agreement with the Department of Energy (DoE).

Both agreements are supportive of the Philippines’ Energy Transition Program, which targets 35 percent renewable energy in the country’s total power generation mix by 2030 and 50 percent by 2040.

These further operationalized the MoU on Energy Transition Cooperation signed between the Philippines and UAE in November 2024, identifying renewable energy as a key area of collaboration.

The BoI and the DoE have been closely working together to promote RE investments in the Philippines. Their partnership is focused on fostering a favorable business environment for renewable energy projects through the provision of various incentives and robust support mechanisms.

Key player

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.