ACEN unit seals P2.9-B loan for energy storage asset

MANILA, Philippines – ACEN Corp. has obtained a P2.9-billion loan from the Bank of the Philippine Islands to help finance its energy storage system project in Zambales.

In a disclosure on Friday, the group said the loan deal was secured through its subsidiary Palauig Solar 1 Inc. Another unit, Gigasol2 Inc., has served as a share collateral grantor.

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The Ayala group’s energy platform said the new funds would partially support the deployment of Palauig 1’s energy storage facility, designed to have 140 megawatt hour capacity.

The power storage project, a technology that allows producers to store excess power and release it when the demand peaks, is expected to be finished by next year.

This would complement the existing 50 megawatt (MW) alternating current Palauig solar plant in the coastal town of the same name.

A portion of the funds will likewise be used to repay advances from shareholders for the construction and development of the solar farm and the storage facility.

The first phase of the solar asset was fired up in 2021. An expansion segment, which will boost the capacity to 300 MW, is ongoing with an investment of about P16 billion.

In May, ACEN also injected about P850 million in new capital for Palauig Solar 1 to fast-track the development of the storage system.

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The renewable energy producer said it would spend more than P80 billion this year as it ramps up the rollout of more solar and wind power plants.

ACEN is also increasing its budget for battery energy storage systems to support its solar expansion.

The firm’s core market is the Philippines. It also has operations in Australia, Vietnam, Lao PDR, Indonesia and India.

After suffering a 60-percent drop in its earnings last year, ACEN started 2026 on a stronger footing with its net income surging 50 percent to P2.9 billion in the first quarter.

ACEN said its renewable energy facilities in the Philippines had recorded higher power generation output at 626 gigawatt-hours (GWh), up 29 percent.

Australian operation, ACEN’s another strong market, saw its generation soar by 87 percent to 528 GWh.

India’s attributable output, meanwhile, was flat at 231 GWh. The group’s operations in other foreign markets produced 279 GWh of attributable generation during the March quarter. INQ