The Department of Energy (DOE) said Friday it generated strong investor interest from the United Arab Emirates (UAE) companies in the country’s energy sector, including renewable energy and nuclear power.
A Philippine energy delegation led by Energy Secretary Raphael Lotilla met with the Minister of Energy and Infrastructure of the UAE Suhail Mohamed Faraj Al Mazrouei to negotiate and finalize a memorandum of cooperation on energy transition and explore specific activities to implement energy transition.
Lotilla also met with Mohamed Hassan Abdul Rahman Al Hawi, Undersecretary of the Ministry of Investment, and Mohamed Jameel Al Ramahi, president and chief executive of Masdar, a government-owned renewable energy company to discuss business collaboration.
Masdar, one of the world’s fastest-growing renewable energy companies and a leader in green hydrogen, developed projects in over 40 countries with a combined capacity of about 32 gigawatts.
The DOE said Masdar is interested in establishing solar, wind and battery storage projects in the Philippines.
Following its earlier energy mission to the Kingdom of Saudi Arabia (KSA), the government delegation included Rafael Consing Jr., president and chief executive of Maharlika Investment Corp.
An accompanying business delegation composed of ACEN Corp., Aboitiz Power Corp., Amber Kinetics, Citicore Renewable Energy Corp. and San Miguel Global Power Holdings, held meetings with Masdar, Emirates Nuclear Energy Corp. (ENEC) and the International Renewable Energy Agency (IRENA) on Oct. 15 to 16, 2024.
The Philippines business delegation also engaged in parallel business-to-business sessions with Masdar, Lunate (a leading alternative investment manager headquartered in Abu Dhabi with US$105 billion in assets under management) and AMEA Power.
The DOE said these meetings aimed to explore potential collaborations and investment opportunities in renewable energy, infrastructure, and other strategic sectors, further deepening ties between the two nations.
