ACEN Corp. on Friday said that several of its units had borrowed P2.925 billion for the development of an energy storage system in Zambales.
In a disclosure, the company said that its subsidiaries, Palauig Solar 1 Inc. and Gigasol2 Inc., signed a project financing facility with the Bank of the Philippine Islands (BPI) and BPI Asset Management and Trust Corp. last June 4.
ACEN said the facility would be used to partially finance the Palauig 1 ESS project and refinance or repay advances from company shareholders.
Palauig 1 is a 35-megawatt (MW)/140 megawatt-hour (MWh) plant to be integrated with its existing 50-megawatt-alternating current facility.
The Palauig project is expected to start operations in the first quarter of 2027.
On Friday, ACEN’s share price rose by 35 centavos to close at P3.45 apiece.
