Masdar has inked an implementation agreement and a MoU with the Philippines government to develop 1 GW of clean energy projects to strengthen its growing portfolio in Southeast Asia. These agreements have been inked with the Department of Energy and the Board of Investments of the Republic of the Philippines respectively.
These agreements will cover the development of solar, wind, and battery energy storage systems which will have a combined capacity of up to 1 GW by 2030. Furthermore, with this Masdar has entered the Philippine renewables market. The projects will contribute to the Philippines’ National Renewable Energy Program goal of achieving 35 per cent renewable energy in power generation by 2030.
Earlier in December 2024, Masdar expanded its global solar and wind portfolio in Europe. The company, along with its institutional partners, acquired Saeta Yield from Brookfield Renewable Partners. The transaction was valued at an enterprise value of €1.2 billion and an equity value of €696 million.
