Masdar and the Philippines agree $15 B renewable project

United Arab Emirates state energy firm Masdar has signed a $15 billion renewable energy deal with the Philippines to develop renewable systems.

 


Masdar and the Philippines agree $15 B renewable project

Image for illustration purposes.

The Philippines, Manila: 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 GW of power by 2030. This lines up with the country’s goal of reducing its reliance on fossil fuels.

The project is planned to be scaled up to 10 GW by 2035. The Philippines, which imports most of its fuel needs, aims to raise the share of renewable energy in its power mix to 35% by 2030 and 50% by 2040. Renewables made up 22.8% of its mix in 2022.

Source: Zawya