INGRID Power Holdings Inc. (IPHI), a joint venture between ACEN Corp. and Axia Power Holdings Philippines Corp. (APHPC), proposed to put up a 270 megawatt (MW) “battery energy storage system,” or “Bess,” in Rizal worth P6.875 billion.
The construction of the proposed project will start by first quarter of 2023 while the target commercial operation is in the second half of 2024.
The project is now in the pre-construction stage, which includes preliminary site investigation as well as acquisition of necessary permits and clearances prior to project construction.
The project will store electricity from the grid and will serve as a source of ancillary service for the Luzon grid and power quality improvement for distribution utilities to help ease the frequency and voltage problems.
The companies said the project will use lithium-ion battery, which is “the most mature and commercially available battery technology in the market.” This technology, it added, is also “safe to operate and has minimal environmental impact during construction and operation.”
The Bess will be located in Barangay Malaya, Pililia, Rizal. The project site is owned by Tabangao Realty Inc. and leased by Buendia Christina Holdings Corp. (BCHC). A sublease agreement shall be executed between IPHI and BCHC.
ACEN planned to acquire P2-billion worth of additional shares in BCHC. It signed a subscription agreement with BCHC for the purchase of 3,015,000 common shares and 16,985,000 redeemable preferred shares.
“The additional capital will be used by BCHC to purchase real property required for various potential power projects,” a document from Acen read.
ACEN currently has about 3,400 MW of attributable renewable energy capacity and is working to build 5,000 MW of renewables by 2025, towards its goal of becoming “the largest listed renewables platform in Southeast Asia.”