Abu Dhabi clean energy company Masdar has signed agreements to develop renewable energy projects with a capacity of 1 gigawatts in the Philippines, marking its entry into the South-East Asian country.
The deal with the Philippines' Department of Energy and the country's Board of Investments outlines plans to develop solar, wind, and battery energy storage systems by 2030, Masdar said in a statement on Thursday.
“This partnership marks a new chapter in the longstanding relationship between the UAE and the Philippines,” said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and the chairman of Masdar.
“This agreement will create jobs, drive low-carbon socio-economic progress and expand global renewable energy capacity, in line with the UAE Consensus.”
The UAE Consensus was agreed at the UN Cop28 climate change summit in Dubai, at the end of 2023. It calls for the international community to transition away from fossil fuels to achieve net zero by 2050 and set time-bound targets to greatly increase global renewable energy capacity.
The Philippines aims to increase the share of renewable energy in its energy mix to 35 per cent by 2030 and 50 per cent by 2040.
It faces increasing energy demand due to population growth, economic expansion and increased digitalisation. Despite efforts to expand renewable energy, Philippines generates about 60 per cent of its electricity from coal.
This deal with Masdar follows an earlier agreement signed between the Philippines and the UAE in November 2024, during President Ferdinand Marcos Jr’s inaugural visit to the Emirates.
The announcement marks “a significant expansion of Masdar’s activities in Southeast Asia, a key strategic market”, said Masdar chief executive Mohamed Al Ramahi.
Masdar has been heavily focusing on South-East Asia. It has developed the largest floating solar facility in the region, the 145-megawatt Cirata plant in Indonesia. This facility can power an estimated 50,000 homes.
In February 2023, it entered the geothermal energy sector through a strategic investment in Indonesia's Pertamina Geothermal Energy.
The UAE clean energy company has also signed a landmark agreement with the Malaysian Investment Development Authority to develop 10 gigawatts of clean energy projects across the country.
Globally, Masdar’s operational, under-construction and advanced pipeline capacity reached 51 gigawatts at the end of 2024. It has a target of 100 gigawatts of renewable energy capacity by the end of the decade.
Masdar aims to achieve a production target of 1 million tonnes per year of green hydrogen – or its equivalent derivatives – in the UAE and worldwide within the next decade.
The company also announced several large acquisitions last year, including a €3.2 billion ($3.29 billion) deal to buy Greece’s Terna Energy.
“This year, there will be a lot of focus into working with our new partners [and] delivering the objectives of such transformative acquisitions,” Abdulaziz Alobaidli, Masdar's chief operating officer, told The National on the sidelines of the Abu Dhabi Sustainability Week. “We will continue to explore the market. If there are any potential acquisitions that will add to Masdar and will add to our objectives, we certainly will look at that."
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Country-size land deals
US interest in purchasing territory is not as outlandish as it sounds. Here's a look at some big land transactions between nations:
Louisiana Purchase
If Donald Trump is one who aims to broker "a deal of the century", then this was the "deal of the 19th Century". In 1803, the US nearly doubled in size when it bought 2,140,000 square kilometres from France for $15 million.
Florida Purchase Treaty
The US courted Spain for Florida for years. Spain eventually realised its burden in holding on to the territory and in 1819 effectively ceded it to America in a wider border treaty.
Alaska purchase
America's spending spree continued in 1867 when it acquired 1,518,800 km2 of Alaskan land from Russia for $7.2m. Critics panned the government for buying "useless land".
The Philippines
At the end of the Spanish-American War, a provision in the 1898 Treaty of Paris saw Spain surrender the Philippines for a payment of $20 million.
US Virgin Islands
It's not like a US president has never reached a deal with Denmark before. In 1917 the US purchased the Danish West Indies for $25m and renamed them the US Virgin Islands.
Gwadar
The most recent sovereign land purchase was in 1958 when Pakistan bought the southwestern port of Gwadar from Oman for 5.5bn Pakistan rupees.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
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The%20Super%20Mario%20Bros%20Movie
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Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
Super 30
Produced: Sajid Nadiadwala and Phantom Productions
Directed: Vikas Bahl
Cast: Hrithik Roshan, Pankaj Tripathi, Aditya Srivastav, Mrinal Thakur
Rating: 3.5 /5
