UAE Renewable Energy Leader Secures $15B Deal in Philippines
Transforming the Philippines' Energy Landscape with Solar, Wind, and Battery Storage Systems by 2030
UAE’s Masdar Secures $15 Billion Renewable Energy Deal in the Philippines
Masdar, a renewable energy company based in the United Arab Emirates (UAE), is signing a $15 billion deal to develop up to 1 gigawatt (GW) of solar, wind and battery energy storage systems (BESS) in the Philippines by 2030.
The Philippine Department of Energy said Thursday that Masdar has set a target to raise this capacity to 10 GW within ten years, with an estimated $15 billion in total investment.
The deal aims to help the Philippines achieve its energy transition goals of 35% renewable power by 2030 and 50% by 2040. Philippine Energy Secretary Raphael Lotilla stated, “This partnership positions the Philippines as a regional sustainable energy leader.
Southeast Asia is a major investment destination for the UAE energy giant, and the contract represents Masdar’s introduction into the renewable energy industry in the Philippines.
Masdar developed Indonesia’s 145 MW Sirata floating solar farm, Southeast Asia’s largest, powering 50,000 homes. In 2023, Masdar partnered with the Malaysian Investment Development Authority to build 10 GW of clean energy projects nationwide.
Masdar aims to become one of the world’s largest renewables companies, with a target of 100 gigawatts of solar and wind assets by 2030, CEO Mohammed Jameel Al Ramahi told the Financial Times in October.
Al Ramahi told the FT that Masdar expects to have a 35% market share in renewable power capacity in the Middle East, 20% of Europe’s clean energy capacity and 25% of US capacity by the end of the decade.
Asia will also be a significant part of Masdar’s portfolio, the executive added.
Masdar’s shareholders include Abu Dhabi’s oil company ADNOC, Abu Dhabi’s sovereign investment company Mubadala and state utility TAQA.
