ACEN Corp., the renewable energy arm of the Ayala Group, is providing more than 9 billion pesos in financial support to two subsidiaries to accelerate clean energy projects in Zambales, Philippines.
The company has signed a loan agreement of up to 6 billion pesos with Sanmar Solar Inc., a wholly owned subsidiary. The funding will be used to develop a 500-megawatt battery energy storage system (BESS) in San Marcelino. The storage facility will complement an existing solar power project by storing excess electricity and delivering it to the grid during periods of high demand.
The project supports the Philippines’ growing focus on integrating energy storage with renewable power generation. Battery storage can help improve grid stability and enable solar power to contribute more effectively during peak electricity demand.
ACEN has also provided a loan of up to 3.24 billion pesos to Giga Ace 8 Inc., its project vehicle for local developments. The financing will support the construction of the 300-megawatt Palauig 2 solar farm in Zambales, including associated transmission lines and substation facilities.
The Palauig 2 project is expected to require a total investment of around 16 billion pesos. Once completed, it will become ACEN’s second-largest solar installation in the Philippines, strengthening the company’s renewable energy portfolio in the country.
The investments come as ACEN continues to report strong financial performance. The company recorded first-half earnings of 3.9 billion pesos, supported by higher electricity sales revenues of 22.51 billion pesos.
Alongside its Philippine operations, ACEN is expanding its renewable energy business across international markets, including Australia, India, Indonesia, Laos, and Vietnam. The latest investments in Zambales highlight the company’s continued commitment to expanding solar generation and battery storage capacity while supporting the Philippines’ transition toward cleaner and more reliable electricity.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
