ACEN Corp., through its joint venture Ingrid Power Holdings Inc (IPHI), is looking to build a 270 megawatt (MW) battery energy storage system (BESS) worth Php6.875 billion.
IPHI is a joint venture between ACEN and Axia Power Holdings Philippines Corp.
The BESS project is slated for construction by the first quarter of 2023, while commercial operations are targeted for the second half of 2024.
In a report by BusinessMirror, the project is said to be in its pre-construction stage, including preliminary site investigation and acquiring the needed permits and clearances.
The BESS project, which will be located in Barangay Malaya in Pililia, Rizal, will store electricity from the grid and will serve as an ancillary service source for the Luzon Grid. It will also serve as power quality improvement for the distribution utilities to mitigate frequency and voltage problems.
The project site is owned by Tabangao Realty Inc, and is currently leased by Buendia Christina Holdings Corp. (BCHC). ACEN signed a subscription agreement with BCHC to purchase 3,015,000 common shares and 16,985,000 redeemable preferred shares.
In a document, ACEN said that the additional capital will be used by BCHC to purchase real property required for potential power projects.
ACEN is looking to achieve a 5,000 MW all renewable energy portfolio by 2025. The Ayala energy company currently has an attributable capacity of 3,800 MW across the Asia Pacific.