ACEN secures P2.925B BPI facility for Zambales battery storage project
What's the deal? ACENDealroom has a profile for this one. Try Dealroom → Corp., the AyalaDealroom has a profile for this one. Try Dealroom →-led energy company, has secured a P2.925 billion project financing facility from Bank of the Philippine IslandsDealroom has a profile for this one. Try Dealroom → (BPI) to build a battery energy storage system in Zambales, Philippines.
The loan will partially finance a 35-megawatt battery storage facility adjacent to ACEN's existing 63-megawatt Palauig 1 Solar Power Plant in the municipality of Palauig. ACEN's subsidiaries Palauig Solar 1 Inc. and Gigasol2 Inc. signed the deal with BPI as lender and BPI Asset ManagementDealroom has a profile for this one. Try Dealroom → and Trust Corp. as collateral trustee.
Part of the proceeds will also repay shareholder advances used for the solar plant's construction.
Why now? The battery project addresses a core challenge of solar energy: timing. It will let ACEN store surplus solar power during peak generation and discharge it when demand rises, improving grid reliability and squeezing more value from existing renewable assets.
ACEN expects to operate more than 8 gigawatts of capacity by the end of 2026, with roughly 15% from solar, wind, and battery projects across the Philippines and overseas. The company now runs entirely on renewable energy and targets net-zero greenhouse gas emissions by 2050.
What could go wrong? Battery storage projects carry execution risks — from supply chain delays to technology performance over time. The Philippines' regulatory environment for energy storage is still maturing, which could introduce uncertainty around grid integration and offtake arrangements.
The signal: ACEN's pairing of a battery storage facility with an existing solar plant reflects a maturing playbook across Southeast Asia, where renewable developers are increasingly bundling generation with storage to make clean power dispatchable and bankable. That BPI — a major Philippine corporate lender — is extending project finance specifically for battery storage suggests growing institutional confidence in the sector's economics, even as the country's regulatory framework for energy storage continues to develop.
Read more: The Daily Tribune
