The Board of Investments (BOI) in the Philippines announced a partnership with UAE-based renewable energy firm Masdar to develop solar and wind energy projects with a combined capacity of up to 1 gigawatt by 2030. This collaboration aims to support the Philippines' Energy Transition Program, which seeks to increase the share of renewable energy in the country's power generation mix.
The Board of Investments ( BOI ) will collaborate with UAE-based renewable energy (RE) firm Masdar to implement its plans for developing solar and wind energy projects in the Philippines. These projects, poised to reach a capacity of up to 1 gigawatt (GW) by 2030, will be supported by the BOI , an investment promotion agency under the Department of Trade and Industry (DTI).
A Memorandum of Understanding (MOU) was formally signed on January 15th by Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo and Masdar CEO Mohamed Jameel Al Ramahi. Masdar has several projects in development, focusing on solar and wind energy generation, as well as battery energy storage systems (BESS). According to Rodolfo, Masdar's renewable energy initiatives will perfectly complement the infrastructure development projects within the Luzon Economic Corridor (LEC), encompassing Subic Bay, Clark, Manila, and Batangas. These areas are being transformed into an economic hub for commerce, industry, and logistics. Rodolfo emphasized the significance of this partnership, stating that it signifies a shared commitment to building a dynamic and sustainable economic future. He added that it aligns with the Philippines' strategy to position itself as a smart and sustainable hub for manufacturing and services in Southeast Asia.Masdar CEO Mohamed Jameel Al Ramahi expressed the company's view of Southeast Asia as a key strategic market in its pursuit of achieving a renewable energy capacity of 100 GW by 2030. He highlighted Masdar's proven track record in executing large-scale renewable energy projects both in the region and globally. CEO Al Ramahi stated that Masdar is eager to leverage its expertise and experience to support the Philippines in achieving its ambitious renewable energy goals. The MOU between BOI and Masdar marks the company's entry into the Philippine renewable energy sector, expanding its growing RE portfolio in Southeast Asia. The BOI confirmed that the MOU was signed concurrently with Masdar's Implementation Agreement with the Department of Energy (DOE). Both agreements are instrumental in supporting the Philippines' Energy Transition Program, which aims for 35 percent renewable energy in the country's total power generation mix by 2030 and 50 percent by 2040. These agreements further operationalize the MOU on Energy Transition Cooperation signed between the Philippines and the UAE in November 2024, identifying renewable energy as a key area of collaboration. The BOI and DOE are working collaboratively to promote RE investments in the Philippines. Their partnership focuses on creating a favorable business environment for renewable energy projects by providing various incentives and robust support mechanisms. The BOI has reaffirmed its commitment to driving the Philippines' green transition through strategic partnerships with local and global clean energy leaders. These endeavors contribute to the development of a sustainable and resilient economy, ensuring the Philippines is well-equipped to lead in the global green economy while safeguarding its natural resources for future generations
RENEWABLE ENERGY MASDAR BOI PHILIPPINES INVESTMENT ENERGY TRANSITION
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