BOI Signs MOU with UAE Clean Energy Leader for 1 GW of RE Projects by 2030

​The Board of Investments (BOI) has entered into a Memorandum of Understanding (MOU) with Masdar, a leading UAE-based renewable energy company, to assist and facilitate the latter’s planned investments in the renewable energy sector in the Philippines, specifically, Masdar’s planned development of solar and wind energy, and battery energy storage systems (BESS) with a capacity totaling up to one (1) GW by 2030.

​The MOU was signed on 15 January 2024 by Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo and Masdar CEO Mohamed Jameel Al Ramahi, with Philippine Ambassador to the UAE, H.E. Alfonso A. Ver, UAE Minister of Industry and Advanced Technology and Masdar Chairman, H.E. Dr. Sultan Al Jaber witnessing the event.

Trade Undersecretary Ceferino S. Rodolfo affirms that the MOU signifies the strengthening of ties between the two countries. “The partnership with Masdar is a testament to our mutual commitment to fostering a dynamic and sustainable economic future, and our shared vision for economic sustainability and prosperity. This aligns seamlessly with the Philippine strategy to position ourselves as a smart and sustainable hub for manufacturing and services in Southeast Asia”, he said.

He continued, “Masdar’s renewable energy initiatives will contribute to accelerating sustainable economic growth across different regions in the Philippines, and will particularly complement our infrastructure development initiatives within the Luzon Economic Corridor (LEC)—Subic Bay, Clark, Manila, and Batangas—which are being developed as an economic hub for commerce, industry, and logistics. Together with Masdar, we give our unwavering commitment to fostering a greener and more resilient future for the Philippines.”

Masdar CEO Mohamed Jameel Al Ramahi expressed his enthusiasm for the partnership, “We welcome this announcement as a significant expansion of Masdar’s activities in Southeast Asia, a key strategic market in our ongoing efforts to achieve a renewable energy capacity of 100GW by 2030. With our proven success in implementing large-scale renewable energy projects in the region and worldwide, we look forward to utilizing our expertise and experience to support the Philippines in meeting its ambitious renewable energy goals”

The MOU between BOI and Masdar signals Masdar’s entry into the Philippine renewable energy sector, adding to its growing RE portfolio in Southeast Asia. It was signed alongside Masdar’s Implementation Agreement with the Department of Energy (DOE). Both agreements are supportive of the Philippines’ Energy Transition Program, which targets 35% renewable energy in the country’s total power generation mix by 2030 and 50% by 2040. These further operationalize the MOU on Energy Transition Cooperation signed between the Philippines and UAE in November 2024, identifying renewable energy as a key area of collaboration.

The BOI and the DOE have been closely working together to promote RE investments into the Philippines. Their partnership is focused on fostering a favorable business environment for renewable energy projects through the provision of various incentives and robust support mechanisms.

The BOI remains committed to driving the Philippines’ green transition through strategic partnerships with local and global clean energy leaders. These efforts contribute to the development of a sustainable, resilient economy, ensuring the Philippines is well-positioned to lead in the global green economy while safeguarding its natural resources for future generations.