Skip to main content

Scatec JV reaches financial close for 56 MW BESS in the Philippines and prepares for construction start

Written by Customer Service on . Posted in Public Companies.

Oslo, 17 February 2025: Scatec ASA’s joint venture with Aboitiz Power in the Philippines has reached financial close and prepares for construction start of the 16 MW Magat (phase 2) and 40 MW Binga battery energy storage systems (BESS).

The battery systems will be connected to the Magat and Binga hydro power plants, generating revenues from the highly attractive ancillary services reserves market. The new capacity is building on the success of the existing 24 MW BESS connected to the Magat power plant, which has been generating solid ancillary services revenues since start of operation in 2024.

Batteries are optimal for ancillary services due to their fast response time to tackle fluctuations in grid frequency, flexibility to perform multiple grid services, and cost competitiveness. Ancillary services will be increasingly important over time in the Philippines due to higher penetration of renewables driven by the government’s ambitious renewables targets.

“We are very excited to start construction of the new BESS projects in the Philippines. With the new batteries we will more than triple our storage capacity to 80 MW, increasing the value of our hydro power plants and strengthening our position as a leading provider of ancillary services in the country. Ancillary services in the Philippines is a highly attractive source of revenues and we will continue to expand our storage capacity taking an even larger share of the market over time,” says CEO Terje Pilskog.

The projects are owned by Scatec’s 50/50 joint venture with Aboitiz Power in the Philippines and will be financed through project debt drawn under the existing debt facilities related to the Magat and Binga hydro power plants.

For further information, please contact:
For analysts and investors:
Andreas Austrell, VP IR
andreas.austrell@scatec.com
+47 974 38 686

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com
+47 468 44 959

About Scatec 
Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 5 GW in operation and under construction across five continents today. We are committed to growing our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com or connect with us on LinkedIn.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.