ACEN extends P850-M loan for Zambales battery project

ACEN CORP. said it has extended up to P850 million in loans to its subsidiary Palauig Solar 1, Inc. to finance the development of a battery energy storage system (BESS) project in Zambales.

In a regulatory filing on Monday, the Ayala-led energy firm said it entered into a short-term loan agreement to support the construction of a 140-megawatt-hour (MWh) BESS that will be paired with a 63-megawatt-alternating current solar farm in Palauig.

The company said the project is targeted for completion next year, based on its 2025 report.

The first phase of the Palauig solar farm was completed in 2021, with plans underway for a 300-megawatt expansion estimated to cost around P16 billion.

For 2026, ACEN has allocated P80 billion in capital expenditures to fund the development of its renewable energy projects in the Philippines.

The company reported a net income of P3.8 billion in 2025, down 60% from the previous year, due to weaker electricity prices, lower solar irradiation in key sites, and reduced generation from offline wind assets in Northern Luzon.

ACEN President and Chief Executive Officer Eric T. Francia said the company faced macroeconomic and sectoral challenges last year.

“Despite these headwinds, our core business and long-term outlook remain resilient,” he said.

“As we look ahead, we will continue to prioritize increasing our contracted capacity and accelerating investments in energy storage, while ensuring steady, continued progress on our pipeline projects,” he added.

ACEN has about 7 gigawatts of attributable renewable energy capacity, including operational, under-construction, and committed projects, with presence in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. — Sheldeen Joy Talavera