Strategic Investment in Southeast Asia

Abu Dhabi Future Energy (Masdar) has announced plans to invest $15 billion in the Philippines‘ renewable energy sector. The company aims to develop 1GW of renewable energy projects by 2030, marking its formal entry into the Southeast Asian market. This move aligns with Masdar’s strategy to expand its portfolio of clean energy solutions globally.

The UAE-based clean energy company signed an implementation agreement with the Philippines Department of Energy (DOE) and a memorandum of understanding (MoU) with the Philippine Board of Investments. Through these agreements, Masdar will focus on delivering solar, wind, and battery energy storage systems (BESS) while also exploring ways to scale the capacity of renewable energy projects to 10GW by the next decade.

Advancing the Philippines’ Energy Transition Goals

The investment supports the Philippines’ Energy Transition Program, which aims to achieve 35% clean energy in power generation by 2030 and 50% by 2040. Masdar will oversee various project elements, including technical, financial, and environmental considerations, while the DOE will assist with securing permits, conducting technical studies, and facilitating the pre-development activities.

Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Masdar chairman, emphasized the importance of this partnership, noting that it will not only reduce reliance on fossil fuels but also enhance energy security and contribute to sustainable economic growth in the Philippines.

Masdar has previously made significant investments in Southeast Asia, such as the 145MW Cirata floating solar photovoltaic (PV) plant in Indonesia, and is now focused on furthering its clean energy efforts in the region.