ACEN Corporation on Monday said that it had signed a short-term loan agreement with its wholly-owned battery energy storage system (BESS) subsidiary, Palauig Solar 1 Inc., for the construction of the latter's energy infrastructure.
In a disclosure, the Ayala-led energy firm said the agreement for a loan of up to P850 million was signed on May 1.
Palauig Solar 1 is the project company for the Palauig 1 BESS project, a 140-megawatt-hour (MWh) facility set to be integrated with the 63-megawatt direct current (MWdc) Palauig Solar 1 Plant located in the barangay (villages) of Salaza and Cauayan in Palauig, Zambales.
Palauig Solar 1 is the first phase of ACEN’s Palauig solar farm and is targeted to begin commercial operations in the first quarter of 2027.
ACEN shares on Monday dipped by P0.06, or 2.11 percent, to close at P2.78 per share.
