"source" It enters the Philippine market by signing agreements to develop renewable energy projects

ABU DHABI, 16 JANUARY / WAM / Abu Dhabi Future Energy Company “Masdar”, the leading Emirati company in the field of clean energy, announced the signing of agreements with the government of the Republic of the Philippines to develop renewable energy projects with a capacity of 1 gigawatt by 2030, as part of its efforts to enhance its growing portfolio of projects in the region. Southeast Asia.

An implementation agreement was signed with the Philippine Ministry of Energy, and a memorandum of understanding with the Board of Investment of the Republic of the Philippines, to develop solar and wind power plants and battery systems for energy storage with a total capacity of up to 1 gigawatt by 2030.

In the presence of His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors of Masdar, and His Excellency Rafael Lutela, Secretary of Energy of the Republic of the Philippines, the implementation agreement was signed by Rowena Cristina Guevara, Undersecretary of the Philippine Department of Energy, and Mohammed Jameel Al Ramahi, CEO of the company. “Masdar” Al Ramahi also exchanged a memorandum of understanding with His Excellency Alfonso Ferdinand, Ambassador of the Republic of the Philippines to the country.

The agreement will contribute to supporting the National Renewable Energy Program in the Philippines, which aims to provide 35% of energy from renewable sources by 2030, and 50% by 2040, and activate the memorandum of understanding on cooperation in the field of energy transition signed in November 2024 between the UAE. And the Republic of the Philippines, during a working visit by His Excellency Philippine President Ferdinand Marcos Jr. to the country, where renewable energy was one of the areas of cooperation between the two countries.

His Excellency Dr. Sultan bin Ahmed Al Jaber said that in line with the leadership’s vision and directives to support the dissemination of renewable energy solutions and advance sustainable development around the world, this agreement comes to strengthen the close cooperation relations between the UAE and the friendly Republic of the Philippines, whereby we will work to employ the UAE’s global expertise in The field of renewable energy and taking advantage of the abundance of natural energy sources in the Philippines to develop specific projects that contribute to providing new job opportunities, advancing sustainable economic and social development and increasing clean energy capacity in line with the goal of the historic “UAE Agreement” of doubling the global capacity for renewable energy. Three times by 2030.

For his part, His Excellency Rafael Lutila said that within the framework of bilateral cooperation relations between the UAE and the Republic of the Philippines, and the cooperation agreement between the two countries in the field of energy transformation that was recently signed, we welcome cooperation with Masdar and benefiting from its extensive experience and leadership in developing energy projects and solutions. Renewed at the facility level.

He added that this cooperation would contribute significantly to achieving our goal of providing 35% of energy from renewable sources by 2030.

His Excellency stressed the importance of this partnership, which reflects the Philippines’ commitment to building a future based on clean energy, stressing the keenness of the administration of President Ferdinand Marcos Jr. to enhance energy security and lay solid foundations for sustainable economic development and environmental preservation by enhancing the share of renewable energy in an unprecedented manner within the energy mix in the country. The Philippines.

They said that with Masdar’s support, the Philippines will set a new standard for achieving energy transformation in the region.

For his part, Dr. Severino Rodolfo, Administrative Chairman of the Board of Investments and Undersecretary of the Ministry of Trade and Industry of the Republic of the Philippines, stressed the strength of bilateral relations between the UAE and the Republic of the Philippines, especially in the wake of the visit of His Excellency Ferdinand Marcos Jr., President of the Republic of the Philippines, to the UAE last year, which was followed by A series of mutual ministerial visits.

He explained that the partnership with Masdar confirms the two countries’ commitment to building a sustainable economic future, and their shared vision to advance sustainable economic development and achieve prosperity, and that this is in line with the Philippines’ strategy to consolidate its position as a destination to promote innovation and sustainability in the fields of manufacturing and services in Southeast Asia.

He added that the Philippines is making great progress in the renewable energy sector, and the clean energy projects that Masdar will implement will contribute to accelerating the pace of sustainable economic growth in various regions in the Philippines, and will particularly complement the infrastructure development initiatives within the Luzon Economic Corridor, which will support connectivity between Subic and Clark Bay. Manila and Batangas in the Philippines, which is being developed as an economic hub for trade, industry and logistics, and the Department of Trade and Industry, through the Board of Investment, will collaborate with Masdar, seeking a sustainable and more resilient future for the Philippines.

For his part, Mohammed Jameel Al Ramahi welcomed the signing of these strategic agreements through which Masdar expands its activities in the Southeast Asia region, which is a major strategic market for the company, and also supports efforts to reach a global portfolio of renewable energy projects with a total production capacity of 100 gigawatts by Year 2030.

He added: “In light of the successes we have achieved in implementing large-scale renewable energy projects in the region and the world, we look forward to harnessing our expertise to contribute to supporting the Philippines in achieving its ambitious goals in the field of clean energy.

Under this agreement, Masdar enters the renewable energy market in the Philippines. The Southeast Asia region is a major investment destination for Masdar.

The company has developed the Shirata floating solar photovoltaic plant in Indonesia with a capacity of 145 MW, which is the largest plant of its kind in the region, and contributes to supplying 50,000 homes with energy.

In February 2023, Masdar entered the geothermal energy sector through a strategic investment in Pertamina Geothermal Energy Company.

Masdar also signed an agreement with the Malaysian Investment Development Authority in 2023 to develop 10 GW clean energy projects in several Indonesian regions.

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