Philippines and UAE's Masdar Partner on $15 Billion Renewable Energy Initiative

MANILA : United Arab Emirates state energy firm Masdar has signed a $15 billion renewable energy deal with the Philippines to develop solar, wind and battery energy storage systems, providing it with up to 1 gigawatt of clean power by 2030.

The project is in line with the Philippines' goal of reducing its reliance on fossil fuels and increasing the share of clean energy in its power mix.

"This partnership with Masdar marks a transformative step in our renewable energy journey," Philippine Energy Secretary Raphael Lotilla said in a joint statement with Masdar.

The project is planned to be scaled up to 10 GW by 2035, the energy department said.

The Philippines, which imports most of its fuel needs, aims to raise the share of renewable energy in its power mix to 35 per cent by 2030 and 50 per cent by 2040. Renewables made up 22.8 per cent of its mix in 2022.

"We look forward to utilising our expertise and experience to support the Philippines in meeting its ambitious energy goals," CEO Mohamed Jameel Al Ramahi said.

To further boost renewable energy development, the energy department said it will auction next month 300 MW of impounding hydro, 4,250 MW of pumped storage hydro and 100 MW of geothermal energy projects as part of its a green energy auction programme.

The Philippine has allowed full foreign ownership in the renewable energy sector to attract more investors.

Source: Reuters