Abu Dhabi – Mubasher: Abu Dhabi Future Energy Company (Masdar) inked agreements with the government of the Philippines to develop 1 gigawatt (GW) of clean energy projects.
The deals, which mark Masdar’s entry into the Philippines market, aim to strengthen its growing portfolio in Southeast Asia, according to a press release.
The partnership will support the Philippines Energy Transition Programme to achieve 35% renewable energy in power generation by 2030 and 50% by 2040.
Sultan Al Jaber, Chairman of Masdar, said: “By leveraging the 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.”
Raphael P. M. Lotilla, Secretary of Energy at the Philippines Department of Energy, commented: “This collaboration will significantly advance our goal of achieving 35% renewable energy in power generation by 2030.”
Ceferino S. Rodolfo, Undersecretary at the Philippines Department of Trade and Industry, noted: “This [partnership] aligns seamlessly with the Philippine strategy to position ourselves as a smart and sustainable hub for manufacturing and services in Southeast Asia.”
Masdar has increased its overall renewable energy capacity by 150% to 51GW by the end of 2024, establishing itself as a global clean energy leader.
In 2024 alone, the company deployed close to $8 billion in equity investments and secured more than $4.50 billion of project financing across nine countries.
These achievements reflect Masdar's commitment to expanding its renewable energy portfolio while driving the global energy transformation.
In December, Masdar signed a power purchase agreement for the 2GW Sadawi project in Saudi Arabia and inaugurated the 500MW Zarafshan Wind Farm in Uzbekistan.
The company successfully issued its second green bond, raising $1 billion, with a 4.6x oversubscription underscoring strong investor confidence in Masdar's vision and performance.
