
In order to bolster its expanding portfolio in Southeast Asia, Abu Dhabi Future Energy Company—Masdar, the leader in clean energy in the United Arab Emirates—has announced its entry into the Philippine market and signed agreements with the Philippine government to create 1 gigawatt (GW) of clean energy projects.
The development of solar, wind, and battery energy storage systems (BESS) with a combined capacity of up to 1GW by 2030 is covered by the Implementation Agreement with the Department of Energy and the Memorandum of Understanding (MoU) with the Board of Investments of the Republic of the Philippines.
Both agreements were signed before Raphael P.M. Lotilla, the Secretary of Energy for the Republic of the Philippines, and Dr. Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology and Chairman of Masdar. Undersecretary Dr Rowena Cristina L. Guevara of the Republic of the Philippines Department of Energy and Mohamed Jameel Al Ramahi, the CEO of Masdar, signed the Implementation Agreement. Alfonso Ferdinand A. Ver, the Ambassador of the Philippines to the United Arab Emirates, also signed the MoU.
The deal operationalises the Memorandum of Understanding on Energy Transition Cooperation. It will help the Philippines Energy Transition initiative, which aims to generate 35 percent of power from renewable sources by 2030 and 50 percent by 2040.
Also Read:
Trump Declared his Intention to cancel Birthright Citizenship