Emirati firm inks $15-B deal to invest in Phl’s RE sector

United Arab Emirates state-owned company Masdar has committed to investing USD 15 billion in the Philippines’ renewable energy sector. 

This was formalized through an Implementation Agreement signed with the Department of Energy (DOE).

The signing took place on January 15 in Abu Dhabi, with DOE Undersecretary Rowena Guevara and Masdar CEO Mohamed Jameel Al Ramahi as signatories. 

DOE Secretary Raphael Lotilla and UAE Minister of Industry and Advanced Technology, Dr. Sultan Al Jaber, who also serves as Masdar Chairman, witnessed the event.

This agreement marks the first significant deal between the two nations following the Memorandum of Understanding (MOU) on Energy Transition Cooperation signed in November 2024 during President Ferdinand R. Marcos Jr.’s visit to the UAE.

“Building on the longstanding ties between the Philippines and the UAE, and the recent Energy Transition Cooperation, this partnership with Masdar marks a transformative step in our renewable energy journey,” Secretary Lotilla said. 

He emphasized the Marcos administration’s commitment to integrating renewable energy into the country’s energy mix at an unprecedented scale, aiming for energy security while promoting sustainable growth and environmental stewardship.

Under the agreement, Masdar plans to invest in projects that will generate at least 1 gigawatt (GW) of solar, wind, and battery energy storage systems (BESS) by 2030, with a long-term goal of scaling up to 10 GW within the decade. 

Masdar will oversee all aspects of project development, including technical, financial, commercial, and environmental work streams.

The DOE, in turn, will provide support by facilitating pre-development activities, conducting technical studies, and assisting Masdar in securing rights, gathering project data, and obtaining necessary approvals and permits.

Dr. Sultan Al Jaber highlighted the potential of the partnership, saying, “By leveraging UAE’s world-class expertise in renewable energy and the Philippines’ abundant natural resources, this agreement will create jobs, drive low-carbon socio-economic progress, and expand global renewable energy capacity in line with the UAE Consensus.”