Aboitiz RE secures financing for BESS projects

By Malaya Business Insight – February 19, 2025

Aboitiz Power Corp., through its subsidiary SN Aboitiz Power Group (SNAP), has secured financing for the expansion of its battery energy storage system (BESS) facilities from the Bank of the Philippine Islands (BPI), China Banking Corp. and Banco de Oro Unibank Inc. (BDO).

The company said in a disclosure to the Philippine Stock Exchange on Tuesday BPI and Chinabank are set to finance the 16 MW Magat BESS Phase 2, while BPI and BDO will provide financing for the 40 MW Binga BESS.

The company did not provide the amount to be lent by the banks but said the projects will be co-located with SNAP’s existing 360 MW Magat hydroelectric power plant in Isabela and the 140 MW Binga hydroelectric plant in Benguet.

“BESS will provide much-needed storage capacity to support the integration of renewable energy and improve grid reliability. This also aligns with the Philippines’ efforts to meet the country’s renewable energy targets. These projects highlight SNAP’s commitment to providing innovative and sustainable energy solutions,” said Joseph Yu, SNAP president and chief executive officer.

Yu was sought for additional comments on the transaction especially on the amount of the loan but has not responded as of press time.

SNAP’s upcoming BESS projects are expected to be completed by 2026.