Scatec ASA's Joint Venture Secures Financial Close on BESS

Scatec ASA's Exciting New Battery Energy Storage Projects

Recently, Scatec ASA, a key player in renewable energy, reached an important milestone in its joint venture with Aboitiz Power, focusing on battery energy storage systems (BESS) in the Philippines. This partnership, set to kick off construction soon, involves the development of a robust 56 MW BESS, including the 16 MW Magat (phase 2) and a significant 40 MW Binga capacity. This project aims to enhance the efficiency and reliability of energy storage in the region.

Linking Hydro Power Plants to Energy Storage

The newly planned battery systems will connect with the existing Magat and Binga hydro power plants. They aim to tap into the revenue potential of the ancillary services reserves market, which is growing in demand. This project builds on the success of the existing 24 MW BESS at the Magat power plant, which has been a profitable venture since it became operational.

Why Battery Systems are Essential for Future Energy Needs

Battery systems are becoming increasingly important for managing grid stability. They respond swiftly to fluctuations in grid frequency, making them adaptable and financially attractive. As the demand for renewable energy grows, the need for reliable ancillary services in the Philippines will only rise, driven by ambitious government targets aimed at increasing renewable energy capacity.

Strengthening Market Position through Enhanced Capacity

With the launch of these new projects, Scatec will more than triple its energy storage capability to a total of 80 MW. This significant increase in capacity not only enhances the value proposition of Scatec’s hydro power plants but also solidifies the company’s position as a leader in providing essential ancillary services in the region. CEO Terje Pilskog expressed excitement over this development, highlighting the project's potential to capture a larger share of the rapidly growing market.

Financial Support for Future Growth

The planned projects will be financed through project debt that draws from existing financial facilities linked to the Magat and Binga hydro power plants. This approach illustrates Scatec's strategic planning in managing costs while expanding its services and capabilities.

About Scatec ASA

Scatec is recognized as a prominent provider of renewable energy solutions, dedicated to delivering reliable and affordable clean energy in emerging markets. Currently, they operate and construct renewable energy plants with a total capacity of 5 GW across five continents. With a commitment to increasing renewable energy capacity, Scatec operates with a mission driven by skilled employees and collaborative partners who share the vision of fostering a betterfuture.

Company Contact Information

If you require additional information, feel free to reach out to the company contacts:

For analysts and investors:
Andreas Austrell, VP IR
andreas.austrell@scatec.com
+47 974 38 686

For media inquiries:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com
+47 468 44 959

Frequently Asked Questions

What is the significance of Scatec's BESS projects?

These projects enhance energy storage capacity and grid stability in the Philippines while creating additional revenue opportunities.

How much total capacity will Scatec's storage systems have?

Upon completion, Scatec's battery energy storage systems will have a total capacity of 80 MW.

What is the connection to the existing hydro power plants?

The BESS will be linked to Magat and Binga hydro power plants, allowing for efficient energy management and revenue generation.

Why are ancillary services important?

Ancillary services help maintain grid stability as renewable energy sources become more prevalent in the energy market.

How is Scatec planning to finance these projects?

The projects will be financed through project debt under existing financial arrangements related to the hydro power plants.

About The Author

Riley Hayes here, a financial writer and specialist committed to assisting individuals in navigating the intricate world of finance. My love is using my blog and articles to simplify complex financial ideas into understandable, doable guidance. Having worked in finance for many years, I try to give my readers the information and resources they need to make wise financial choices.

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