Abu Dhabi Future Energy Company PJSC – Masdar has signed agreements with the Philippine government to develop 1 gigawatt (GW) of clean energy projects to bolster its growing portfolio in Southeast Asia.
Publish dateThursday 16 January 2025 - 22:46
According to Amac News: This agreement includes an executive agreement with the Department of Energy of the Philippines, and a memorandum of understanding with the country's investment board, which covers the development of solar, wind and battery energy storage systems (BESS) with a total capacity of up to 1 GW by 2030. gives
The signing ceremony of these agreements was attended by Sultan Al-Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, and Raphael P.M. Lotilla, Secretary of Energy of the Philippines was held.
The agreement is in line with the Philippines' Energy Transition Plan, which aims to reach 35% renewable energy in electricity generation by 2023, and 50% by 2040.
Masdar Chairman Jaber said: This cooperation marks a new chapter in the long-term relationship between the UAE and the Philippines. Leveraging the UAE's global expertise in renewable energy and the Philippines' abundant natural resources, the agreement will create jobs, advance low-carbon socio-economic developments and expand global renewable energy capacity in line with the UAE agreement.
Philippine Energy Minister Lutila also said: This cooperation will significantly advance our goal of achieving 35% renewable energy in electricity generation by 2030.
By integrating renewable energy into the country's energy mix on an unprecedented scale, the administration of President Marcos Jr. is strengthening energy security and creating a solid foundation for sustainable economic growth and environmental protection.
Southeast Asia is a key investment destination for Masdar. The company has developed the region's largest floating solar facility in Indonesia, generating enough electricity to power 50,000 homes.
Also, in February 2023, the company entered the geothermal energy sector and made a strategic investment in Pertamina Geothermal Energy.
Masdar also signed a historic agreement with the Investment Development Authority of Malaysia in 2023 to develop 10 GW of clean energy projects across the country.
The signing ceremony of these agreements was attended by Sultan Al-Jaber, Minister of Industry and Advanced Technology and Chairman of Masdar, and Raphael P.M. Lotilla, Secretary of Energy of the Philippines was held.
The agreement is in line with the Philippines' Energy Transition Plan, which aims to reach 35% renewable energy in electricity generation by 2023, and 50% by 2040.
Masdar Chairman Jaber said: This cooperation marks a new chapter in the long-term relationship between the UAE and the Philippines. Leveraging the UAE's global expertise in renewable energy and the Philippines' abundant natural resources, the agreement will create jobs, advance low-carbon socio-economic developments and expand global renewable energy capacity in line with the UAE agreement.
Philippine Energy Minister Lutila also said: This cooperation will significantly advance our goal of achieving 35% renewable energy in electricity generation by 2030.
By integrating renewable energy into the country's energy mix on an unprecedented scale, the administration of President Marcos Jr. is strengthening energy security and creating a solid foundation for sustainable economic growth and environmental protection.
Southeast Asia is a key investment destination for Masdar. The company has developed the region's largest floating solar facility in Indonesia, generating enough electricity to power 50,000 homes.
Also, in February 2023, the company entered the geothermal energy sector and made a strategic investment in Pertamina Geothermal Energy.
Masdar also signed a historic agreement with the Investment Development Authority of Malaysia in 2023 to develop 10 GW of clean energy projects across the country.
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Source : news agency wam
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