Financial close reached for 56 MW Magat BESS in the Philippines

Scatec ASA’s joint venture with Aboitiz Power in the Philippines has reached a financial close and is preparing for the 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 hydropower plants. 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 the start of operation in 2024. 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 hydropower plants.