In a disclosure, AboitizPower said the joint venture, SN Aboitiz Power Group, signed on March 25 the engineering, procurement and construction agreement with Hitachi Energy for the development of the Magat BESS project.
The joint venture tapped Bank of the Philippine Islands and China Banking Corp. to provide financing for the project. Magat BESS, which is expandable to 24-MW, is planned to be used primarily for ancillary services or reserve power. Scatec General Manager for Southeast Asia Torbjørn Elliot Kirkeby-Garstad said that building the BESS facility is the first step in the company’s ambition to work on more initiatives in the Philippines.
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