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MANILA, Philippines – ACEN Corp. has obtained a P2.9-billion loan from the Bank of the Philippine Islands to help finance its energy storage system project in Zambales.
In a disclosure on Friday, the group said the loan deal was secured through its subsidiary Palauig Solar 1 Inc. Another unit, Gigasol2 Inc., has served as a share collateral grantor.
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The Ayala group’s energy platform said the new funds would partially support the deployment of Palauig 1’s energy storage facility, designed to have 140 megawatt hour capacity.
