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Manila Bulletin devider Business devider BOI, Masdar partner to accelerate RE development in Philippines

BOI, Masdar partner to accelerate RE development in Philippines

Published Jan 17, 2025 07:15 am

At A Glance

  • Masdar is planning to develop these projects with the goal of reaching up to one gigawatt (GW) of renewable energy capacity by 2030.

The country’s renewable energy sector is expected to garner more funding as Masdar, a clean energy firm based in the United Arab Emirates (UAE), has signed a deal to facilitate prospective investments. 

A Memorandum of Understanding (MOU) was signed on Wednesday, Jan. 15, between the Philippine Board of Investments (BOI), represented by Managing Head Ceferino Rodolfo, and Masdar Chief Executive Officer (CEO) Mohamed Jameel Al Ramahi.

This MOU comes after Masdar’s planned development of solar and wind energy, and battery energy storage systems (BESS) in the country. 

Masdar is planning to develop these projects with the goal of reaching up to one gigawatt (GW) of renewable energy capacity by 2030.

Rodolfo, an undersecretary of the Department of Trade and Industry (DTI), said the MOU is a testament to the Philippines and the UAE’s commitment to fostering a sustainable economic future.

“This aligns seamlessly with the Philippine strategy to position ourselves as a smart and sustainable hub for manufacturing and services in Southeast Asia”, he said.

Rodolfo said Masdar’s clean energy initiatives will greatly contribute to the accelerating economic growth across different regions in the country.

He particularly cited that the firm’s projects would complement the ongoing initiatives within the Luzon Economic Corridor (LEC)—Subic Bay, Clark, Manila, and Batangas—which are being developed as an economic hub for commerce, industry, and logistics. 

“Together with Masdar, we give our unwavering commitment to fostering a greener and more resilient future for the Philippines,” he added.

For his part, Masdar CEO Al Ramahi said the newly-signed agreement is part of his firm’s expansion efforts in Southeast Asia, which he described as a “key strategic market”.

“With our proven success in implementing large-scale renewable energy projects in the region and worldwide, we look forward to utilizing our expertise and experience to support the Philippines in meeting its ambitious renewable energy goals,” he explained.

The MOU between BOI and Masdar was signed alongside the company’s Implementation Agreement with the Department of Energy (DOE). 

Both agreements are supportive of the Philippines’ Energy Transition Program, which targets 35 percent renewable energy in the country’s total power generation mix by 2030, with a goal of 50 percent by 2040. 

The budding cooperation of government agencies with Masdar stemmed from the MOU on Energy Transition Cooperation signed in November 2024 during President Ferdinand “Bongbong” Marcos Jr.’s working visit to the UAE. 

Related Tags

United Arab Emirates Board of Investments (BOI) clean energy
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