Masdar Signs $15B Renewable Energy Deal in Philippines

Masdar, the UAE's clean energy leader, has announced a major agreement to develop 1 gigawatt (GW) of renewable energy capacity in the Philippines, with an estimated investment of $15 billion. This initiative supports the Philippines Energy Transition Program, aiming for 35% renewable energy in power generation by 2030. Simultaneously, Masdar reported a significant increase in its global renewable energy capacity, reaching 51 GW by the end of 2024, up from 20 GW in 2022, positioning itself to achieve a target of 100 GW by 2030. In 2024, Masdar invested nearly $8 billion and secured over $4.5 billion in project financing across multiple countries, further establishing its presence in Europe and North America through strategic acquisitions. The company emphasized its commitment to sustainable progress and energy transformation globally, with plans to scale the Philippine project up to 10 GW by 2035. This partnership reflects a growing collaboration between the UAE and the Philippines in advancing renewable energy initiatives.