The Board of Investments (BOI) and UAE-based renewable energy company Masdar sign a memorandum of understanding (MOU) on investment facilitation. The MOU is seen to make Masdar’s partnership with the Philippine government stronger amid the firm’s $15 billion expansion plan in the country. The BOI said that under the MOU, it has committed to assist and facilitate the foreign company’s planned investments in the renewable energy sector in the Philippines. Photo from BOI/FACEBOOK
The Board of Investments (BOI) on Friday said it signed a memorandum of understanding (MOU) with UAE-based renewable energy company Masdar.
The agreement was seen to make Masdar’s partnership with the Philippine government stronger amid the firm’s $15 billion expansion plan in the country.
The BOI said that under the MOU, it has committed to assist and facilitate the foreign company’s planned investments in the renewable energy sector in the Philippines.
In particular, the BOI mentioned Masdar’s planned development of solar and wind energy, and battery energy storage systems in the country, with a capacity totaling up to one gigawatt (GW) by 2030.
“The partnership with Masdar is a testament to our mutual commitment to fostering a dynamic and sustainable economic future and our shared vision for economic sustainability and prosperity,” Trade Undersecretary and BOI managing head Ceferino Rodolfo said in a statement
“This aligns seamlessly with the Philippine strategy to position ourselves as a smart and sustainable hub for manufacturing and services in Southeast Asia”, he said further.
The MOU was signed last January 15 by Rodolfo and Masdar chief executive officer Mohamed Jameel Al Ramahi, in the presence of Philippine Ambassador to the UAE, Alfonso Ver, UAE minister of industry and advanced technology and Masdar chairman Sultan Al Jaber.
Rodolfo said they foresee Masdar’s renewable energy initiatives contributing to the acceleration of sustainable economic growth across different regions in the Philippines.
According to the BOI official, Masdar’s projects will complement the government’s infrastructure development initiatives within the Luzon Economic Corridor, which covers Subic Bay, Clark, Manila, and Batangas.
For their part, Ramahi said that Southeast Asia, which includes the Philippines, is a key strategic market in their ongoing efforts to achieve a renewable energy capacity of 100 GW by 2030