Masdar signs USD15B deal with DOE for renewables, BOI backs

Emirati company Masdar signed an Implementation Agreement with the Department of Energy (DOE) on January 15 to invest USD15 billion in the Philippines' renewable energy sector.

This agreement, aimed at developing up to one gigawatt of solar, wind, and battery energy storage systems by 2030, was formalized between DOE Undersecretary Rowena Guevara and Masdar CEO Mohamed Jameel Al Ramahi.

The partnership builds on the Memorandum of Understanding (MOU) for Energy Transition Cooperation signed during President Ferdinand R. Marcos Jr.'s visit to the UAE in November 2024.

On Friday, the Board of Investments (BOI) also signed a memorandum of understanding with Masdar to assist and facilitate its planned investments in renewable energy in the Philippines.

Energy Secretary Raphael Lotilla emphasized that this collaboration marks a significant step towards integrating renewable energy into the Philippines' energy mix for sustainable economic growth and environmental stewardship.

Trade Undersecretary Ceferino Rodolfo noted that the partnership aligns with the Philippine strategy to position itself as a smart and sustainable hub for manufacturing and services in Southeast Asia.