Masdar of UAE to invest $15 billion in Philippines renewable energy projects

Masdar, a state-owned enterprise from the United Arab Emirates (UAE), has solidified plans to invest USD 15 billion in the Philippines' renewable energy sector. This milestone was formalized through the signing of an Implementation Agreement with the Department of Energy (DOE) in Abu Dhabi on January 15, 2025.

The signing ceremony, held under the witness of DOE Secretary Raphael Lotilla and UAE Minister of Industry and Advanced Technology Sultan Al Jaber, marks the first major collaboration following the Memorandum of Understanding on Energy Transition Cooperation signed during President Ferdinand R. Marcos Jr.’s visit to the UAE in November 2024.

"This partnership with Masdar represents a pivotal moment in our renewable energy journey," Lotilla stated. "Under the leadership of President Marcos Jr., the Philippines is integrating renewable energy into its energy mix at an unprecedented scale, ensuring energy security, fostering sustainable economic growth, and advancing environmental stewardship."

Masdar's investment plan includes the development of at least 1 gigawatt (GW) of solar, wind, and battery energy storage systems (BESS) by 2030, with ambitions to expand capacity to 10 GW within the decade. The company will oversee all aspects of the projects, including commercial, technical, financial, and environmental operations.

The DOE pledged to facilitate Masdar's endeavors by assisting in pre-development activities, technical assessments, and securing the necessary rights and permits to expedite the projects.

Dr. Sultan Al Jaber, Masdar’s chairman, emphasized the broader significance of the partnership, stating, “This agreement combines UAE’s world-class renewable energy expertise with the Philippines’ rich natural resources, creating jobs, driving low-carbon economic progress, and expanding global renewable energy capacity in alignment with the UAE Consensus.”

This transformative collaboration positions the Philippines as a key player in regional energy transition efforts, reflecting a shared commitment to sustainability and innovation.