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Philippines, UAE's Masdar agree $15 billion renewable energy project

  • Masdar has entered into a $15 billion deal in the Philippines to develop renewable energy sources, including solar, wind, and battery energy storage systems by 2030.
  • The agreement will help the Philippines achieve 35% renewable energy in power generation by 2030 and 50% by 2040, according to the Philippines Department of Energy.
  • Philippine Energy Secretary Raphael Lotilla stated, 'Together, we are positioning the Philippines as a regional leader in sustainable energy.'
  • Masdar aims to become one of the world's largest renewable companies with a target of 100 GW of solar and wind assets by 2030, as mentioned by CEO Mohamed Jameel Al Ramahi.
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