Masdar, the clean energy giant of the United Arab Emirates (UAE), is entering the Philippines with a deal worth $15 billion in total investments to develop up to 1 gigawatt (GW) of solar, wind, and battery energy storage systems (BESS) by 2030.
Masdar will aim to scale this capacity to up to 10 GW within a decade, with an estimated total investment of US$15 billion, the Philippines Department of Energy said on Thursday.
The agreement will support the Philippines Energy Transition Program to achieve 35% renewable energy in power generation by 2030 and 50% by 2040.
“Together, we are positioning the Philippines as a regional leader in sustainable energy,” Philippine Energy Secretary Raphael Lotilla said, commenting on the agreement.
The agreement marks Masdar’s entry into the renewables sector in the Philippines, while Southeast Asia is a key investment destination for the UAE energy giant.
Masdar has developed the…
