The Emirati company Masdar has announced its entry into the Philippines’ renewable energy market following the signing of an implementation agreement with the Philippines’ Department of energy. Under the deal, Masdar will develop 1 GW of solar, wind and battery energy storage systems (BESS) in the country by 2030.
The agreement, which will support the Philippines Energy Transition Program to achieve 35% of renewable energy in power generation by 2030 and 50% by 2040, operationalises a memorandum of understanding (MoU) on energy transition cooperation signed in November 2024 between the Philippines and the United Arab Emirates, which identified renewable energy as an area of collaboration.
Simultaneously, Masdar has announced that its operational, under construction and advanced pipeline renewable capacity grew from 20 GW to 51 GW between 2022 and the end of 2024, notably thanks to landmark deals in Spain, Greece and the United States. The company targets 100 GW of renewable capacity by 2030.
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