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
(mailto:andreas.austrell@scatec.com)+47 974 38 686
For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com (mailto: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
(https://scatec.com/) or connect with us on LinkedIn
(https://www.linkedin.com/company/scatec/).
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act