Philippines and UAE's Masdar seal $15bn renewable energy deal

Development of solar, wind and storage of gigawatt of clean power by 2030

UAE will help the Philippines, which is dependent on imported fuels, meet 35% of its energy needs with renewables by the end of the decade. (Source photos by Reuters and Shinya Sawai)

January 16, 2025 19:52 JST

MANILA (Reuters) -- United Arab Emirates state energy firm Masdar has signed a $15 billion renewable energy deal with the Philippines to develop solar, wind and battery energy storage systems, providing it with up to 1 gigawatt of clean power by 2030.

The project is in line with the Philippines' goal of reducing its reliance on fossil fuels and increasing the share of clean energy in its power mix.