Funding for Aboitiz battery system sealed
Renewable energy firm SN Aboitiz Power Group (SNAP) signed loan agreements with three of the country’s major banks to finance its battery energy storage systems (BESS).
In a disclosure to the local bourse Tuesday, industry giant Aboitiz Power said SNAP, its joint venture with Norway’s Scatec, had secured the funding from the Bank of the Philippine Islands (BPI), China Banking Corp. (Chinabank) and Banco de Oro Unibank, Inc. (BDO).
The group, however, declined to provide the amount.
It said BPI and Chinabank would back the deployment of the 16-megawatt (MW) BESS phase 2 for its Magat hydroelectric power plant in Isabela province. The first phase with a capacity of 24 MW started its commercial operation last January 2024.
For the 40-MW Binga BESS in Benguet, meanwhile, SNAP would get the funding from BPI and BDO.
“SNAP is scaling up its BESS initiatives with Magat BESS Phase 2 and the first BESS in Benguet. BESS will provide much-needed storage capacity to support the integration of renewable energy and improve grid reliability,” said Joseph Yu, SNAP president and chief executive officer.
“This also aligns with the Philippines’ efforts to meet the country’s renewable energy targets,” he added.
These projects are targeted to be finished by next year.
GEDI China Energy, a subsidiary of China Energy Engineering Group, has secured the contract to build SNAP’s BESS.
Industry players here and abroad, particularly those involved in renewable sources, have been investing in BESS given the intermittency of clean energy sources in producing power.
