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UAE firm commits $15-B investment in RE sector
The Philippine Star
|January 17, 2025
Implementation Agreement for the development of renewable energy projects in the Philippines
Emirati state-owned firm Masdar is entering the Philippine renewable energy (RE) market with a committed investment of $15 billion (about P878 billion) to develop green projects across the country.
The Department of Energy (DOE) and Masdar signed an implementation agreement on Wednesday, which operationalizes the memorandum of understanding on energy transition cooperation signed by the Philippines and the United Arab Emirates (UAE) in November 2024.
The signing was led by DOE Undersecretary Rowena Cristina Guevara and Masdar CEO Mohamed Jameel Al Ramahi and was witnessed by DOE Secretary Raphael Lotilla and Sultan Al Jaber, Masdar chairman and UAE Minister of Industry and Advanced Technology.
Under the agreement, Masdar will develop one gigawatt of solar, wind and battery energy storage system projects across the Philippines by 2030, with plans to scale up to 10 GW within a decade.
For its part, the DOE will provide support to Masdar in conducting pre-development activities, technical studies, securing the necessary rights, gathering project details and obtaining all required permits and approvals.
This story is from the January 17, 2025 edition of The Philippine Star.
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