Funding for Aboitiz battery system sealed

MANILA, Philippines — Renewable power agency SN Aboitiz Energy Group (SNAP) signed mortgage agreements with three of the nation’s main banks to finance its battery power storage programs (BESS).

In a disclosure to the native bourse Tuesday, trade big Aboitiz Energy stated SNAP, its three way partnership with Norway’s Scatec, had secured funding from the Financial institution of the Philippine Islands (BPI), China Banking Corp. (Chinabank) and Banco de Oro Unibank, Inc. (BDO).

The group, nonetheless, declined to supply the quantity.

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It stated BPI and Chinabank would again the deployment of the 16-megawatt (MW) BESS section 2 for its Magat hydroelectric energy plant in Isabela province. The primary section with a capability of 24 MW began its business operation final January 2024.

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For the 40-MW Binga BESS in Benguet, in the meantime, SNAP would get the funding from BPI and BDO.

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“SNAP is scaling up its BESS initiatives with Magat BESS Section 2 and the primary BESS in Benguet. BESS will present much-needed storage capability to help the mixing of renewable power and enhance grid reliability,” stated Joseph Yu, SNAP president and chief govt officer.

“This additionally aligns with the Philippines’ efforts to fulfill the nation’s renewable power targets,” he added.
These initiatives are focused to be completed by subsequent 12 months.

GEDI China Power, a subsidiary of China Power Engineering Group, has secured the contract to construct SNAP’s BESS.
Trade gamers right here and overseas, notably these concerned in renewable sources, have been investing in BESS given the intermittency of fresh power sources in producing energy.

This know-how can retailer energy generated throughout peak hours. The saved electrical energy can then be tapped as backup energy when the grid wants further provide.

SNAP has been increasing its clear power portfolio. Other than the BESS in Isablesa, it at present operates the 112.5-MW Ambuklao and 140-MW Binga hydroelectric energy vegetation in Benguet; the 360-MW Magat hydropower plant on the border of Isabela and Ifugao; and the 8.5-MW Maris hydropower facility.