In 2023, as construction began on the project, ACEN Corp said Palauig 2 would require a 1,200MW transmission line, with the estimated total cost at PHP16 billion at the time.
Meanwhile, the other PHP6 billion loan agreement was signed with ACEN Corp subsidiary Sanmar Solar.
The loans to Sanmar Solar will support the construction of SanMar Battery Energy Storage System Project. The 500MW/1,000MWh battery energy storage system (BESS) will be installed at the site of SanMar Solar, an existing 585MW solar PV plant, also in Zambales province.
SanMar Solar repurposed land that had lain idle and was otherwise unusable, due to its coating of lahar, debris left in the aftermath of a volcanic eruption.
For ACEN Corp, which also has significant renewable energy and energy storage portfolios in Australia and India, the Philippines remains its largest market by far. The company reported a 17% year-on-year increase in renewable energy generation and 41% increase in revenues in the Philippines in its recent H1 2026 results.
