The Board of Investments (BOI) said it signed a memorandum of understanding (MOU) with Masdar, a leading renewable energy company based in the United Arab Emirates (UAE), to support the development of its solar and wind energy projects as well as battery energy storage systems (BESS) in the Philippines.
The collaboration will help Masdar achieve a total capacity of up to 1 GW by 2030 and produce 1 million tons of green hydrogen annually by 2030 in support of the country’s renewable energy goals.
“The partnership with Masdar reflects our shared commitment to sustainability and economic prosperity. It aligns with the Philippines’ strategy to become a smart and sustainable hub for manufacturing and services in Southeast Asia,” said Trade Undersecretary Ceferino Rodolfo.
Rodolfo cited the potential impact of Masdar’s renewable energy projects on the country’s infrastructure development initiatives, particularly within the Luzon Economic Corridor (LEC), comprised of Subic Bay, Clark, Manila, and Batangas.
“With Masdar, we give our unwavering commitment to fostering a greener and more resilient future for the Philippines,” Rodolfo said.
Masdar chief executive Mohamed Jameel Al Ramahi said the collaboration expands Masdar’s activities in Southeast Asia.
“We are eager to bring our global expertise in renewable energy to support the Philippines in reaching its ambitious energy goals. 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,” he said.
The MOU is part of a broader framework to advance the Philippines’ energy transition program, which aims to increase renewable energy’s share in the power generation mix to 35 percent by 2030 and 50 percent by 2040.
The MOU follows the implementation agreement between Masdar and the Department of Energy (DOE) and operationalizes the 2024 energy transition cooperation MOU between the Philippines and the UAE.
Since its founding in 2006, Masdar has been a leader in renewable energy, partnering on projects in over 40 countries.
