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MANILA, Philippines — ACEN Corp. is infusing more than P9 billion into two subsidiaries to support the development of a solar park and a battery energy storage system (BESS) in Zambales.
The Ayala-backed renewable energy producer said Friday it granted a loan deal with its wholly owned unit, Sanmar Solar Inc., involving a fund of up to P6 billion.
READ: ACEN open to energize Pax Silica
The group said the funding would help Sanmar Solar build a 500-megawatt BESS project, complementing its existing solar power plant.
This allows ACEN to form an integrated renewable energy and storage system in San Marcelino town.
The Department of Energy earlier issued an order mandating developers to equip their solar and wind farms with energy storage systems.
This technology allows producers to store excess power and release it when the demand peaks.
Another subsidiary getting a capital boost is Giga Ace 8 Inc., with ACEN extending a loan of as much as P3.24 billion.
The company said the amount would finance the construction of the 300-megawatt Palauig 2 solar project. It would also support the rollout of transmission line and substation facilities.
The P16-billion large-scale solar park is the group’s second-biggest solar facility in the country.
READ: ACEN H1 net income spikes to P3.9B
Giga Ace 8 is ACEN’s special purpose vehicle for renewable energy projects in the Philippines. Aside from the local market, ACEN is present in India, Australia, Vietnam, Laos and Indonesia.
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ACEN had a strong first-semester finish, with its earnings soaring by 411 percent to P3.9 billion from P763 million a year ago. Its revenues from the sale of electricity also significantly jumped to P22.51 billion from P15.3 billion in the same period last year. INQ
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