MANILA, Jan. 16 (Xinhua) -- The Philippines' Department of Energy and the United Arab Emirates (UAE) state-owned renewable energy firm Masdar signed an agreement to develop and support the Philippines' renewable energy projects, Philippine Energy Secretary Raphael Lotilla said Thursday.
Lotilla said the agreement, which was signed Wednesday in Abu Dhabi, set the stage for developing up to 1 gigawatt (GW) of solar, wind and battery energy storage systems across various regions in the Philippines by 2030, aiming to scale up to 10 GW within a decade, with an estimated total investment of 15 billion U.S. dollars.
Lotilla said the agreement operationalized a memorandum of understanding on energy transition cooperation signed between the Philippines and the UAE in November 2024.
"Building on longstanding ties between the Philippines and the UAE and recent energy transition cooperation, this partnership with Masdar marks a transformative step in our renewable energy journey," Lotilla said.
