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Philippines deal shows extent of Masdar ambitions

17 January 2025

Commentary
Jennifer Aguinaldo
Energy & technology editor

Abu Dhabi Future Energy Company (Masdar) has signed agreements with the Philippines government to develop 1GW of wind, solar and battery energy storage system (bees) projects by 2030.

The projects support the Philippines’ energy transition programme, which aims for renewable energy sources to account for 35% of its power generation mix by 2030, and 50% by 2040.

They will also help ensure Masdar reaches its ambition to obtain a renewable energy portfolio of 100GW by the end of the decade, up from roughly 32GW at present.

Southeast Asia is a key investment destination for Masdar, which developed the 145MW Cirata floating solar photovoltaic project in Indonesia. In 2023, it invested in Pertamina Geothermal Energy, also in Indonesia. The same year, it signed an agreement to develop up to 10GW of clean energy projects in Malaysia.

With a population of over 117 million spread across hundreds of islands and little fossil fuel resources, the Philippines relies on imported fuels.

As of 2023, renewable energy plants account for 29.7% of the Philippines’ total installed power generation capacity of about 28.3GW. Coal plants account for 43.9%, while oil and gas-fired power plants each account for 13.2% of the total.  

The country’s first nuclear power plant, which the US’ Westinghouse built in the 1980s, was mothballed before it reached commercial operations due to quality issues and corruption allegations.

Power outages are not uncommon, especially in the hottest and dryest months of the year. Monsoon rains, made worse by a warming climate, periodically cause floods that overwhelm infrastructure.

As such, Masdar’s projects and investment will help plug the country’s energy and foreign direct investment gap, even as it navigates major economic and geopolitical turmoils resulting from weak governance and the years-long tit-for-tat between the US and China over Taiwan next door and the disputed international waterways.

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Jennifer Aguinaldo

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