Emirati state-owned renewable energy developer Masdar has signed agreements with the Philippines government committing to develop solar, wind and battery energy storage systems projects with a total capacity of up to 1 GW by 2030.
The commitment aligns 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 Philippines aims to increase the share of renewable energy in its power mix to 35% by 2030 and 50% by 2040. Renewables made up 22.8% of its mix in 2022.
“We look forward to utilising our expertise and experience to support the Philippines in meeting its ambitious energy goals,” Masdar Chief Executive Officer Mohamed Jameel Al Ramahi said.
Masdar, which recently announced plans to build a 5 GW / 19 GWh solar-plus-storage project in Abu Dhabi, said its Philippines operations marks a significant expansion its activities in the region.
“We welcome this announcement as a significant expansion of Masdar’s activities in Southeast Asia, a key strategic market in our ongoing efforts to achieve a renewable energy capacity of 100 GW by 2030,” Al Ramahi said.
Masdar has already established itself in Southeast Asia. It developed the largest floating solar facility in the region, the 145 MW Cirata plant in Indonesia, and has signed an agreement with the Malaysian Investment Development Authority for the development of 10 GW of clean energy projects across that country.
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