Renewable energy (RE) developer SN Aboitiz Power Group (SNAP) has acquired funding from local banks to expand its battery energy storage systems (BESS) in Isabela and Benguet.
In a disclosure to the Philippine Stock Exchange on Tuesday, Feb. 18, SNAP reported that it has secured financing from Ayala-led Bank of the Philippine Islands (BPI), as well as Sy-led lenders China Banking Corporation (Chinabank) and BDO Unibank, for Magat BESS phase two and Binga BESS.
Magat phase two, located in Isabela, has a 16-megawatt (MW) capacity and will be funded by BPI and Chinabank. Meanwhile, the 40-MW Binga BESS in Benguet will be funded by BPI and BDO.
These projects are slated for completion by 2026, following the award of the engineering, procurement, and construction (EPC) contracts to China Energy Engineering Group subsidiary GEDI China Energy.
Joseph Yu, president and chief executive officer of SNAP, said battery energy storage integration would help support the country’s RE fleet, as BESS is designed to store electrical energy from the grid.
This is essential when managing power fluctuations, ensuring there is available supply to help stabilize the grid.
“SNAP is scaling up its BESS initiatives with Magat BESS phase two and the first BESS in Benguet. BESS will provide much-needed storage capacity to support the integration of renewable energy and improve grid reliability. This also aligns with the Philippines' efforts to meet the country’s RE targets. These projects highlight SNAP's commitment to providing innovative and sustainable energy solutions,” Yu said.
Prior to this development, the 24-MW Magat BESS, the firm’s first energy storage project, began its commercial operations last January 2024.
Aside from battery storage projects, SNAP manages the 112.5-MW Ambuklao and 140-MW Binga hydroelectric power plants. It also operates the Magat hydroelectric powerplant on the border of Isabela and Ifugao, which has a maximum capacity of 388 MW, as well as the 8.5-MW Maris hydropower plant.