SN Aboitiz Power Group (SNAP) acquired funding from three major banks to expand its Battery Energy Storage Systems (BESS), with the investments directed toward projects in Isabela and Benguet.
“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 SNAP President and CEO Joseph Yu.
The financing, provided by the Bank of the Philippine Islands (BPI), China Banking Corporation (Chinabank), and Banco de Oro Unibank, Inc. (BDO), will support the development of the 16-megawatt (MW) Magat BESS Phase 2 in Isabela and the 40-MW Binga BESS in Benguet.
At a ceremonial signing on February 17, 2025, BPI and Chinabank formalized their commitment to fund the Magat BESS Phase 2, while BPI and BDO agreed to finance the Binga BESS project.
The BESS projects, expected to be completed by 2026, will be co-located with the Magat hydroelectric power plant in Isabela and the Binga hydroelectric power plant in Benguet.
Meanwhile, engineering, procurement, and construction (EPC) contracts for both projects have been awarded to GEDI China Energy, a subsidiary of China Energy Engineering Group.
SNAP’s first energy storage project, the 24-MW Magat BESS, began commercial operations in January 2024, participating in the reserve market for ancillary services.
BESS uses batteries to store electricity from the grid, releasing it when needed to augment supply or improve power quality. These systems help stabilize the grid by managing fluctuations from renewable energy sources, ensuring a reliable and efficient electricity supply.
These new BESS projects support the Philippines’ overarching goal of boosting renewable energy capacity to achieve its energy transition targets. Stay informed by following Power Philippines.
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