BESS project to cost P200B

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SP New Energy Corp.’s (SPNEC) solar power projects and battery energy storage system (BESS) will involve an investment cost of P200 billion, according to the Manila Electric Co. (Meralco).

Last month, Meralco, through its subsidiary, MGen Renewable Energy Inc. (MGreen), agreed to invest P15.9 billion with SPNEC and its parent firm, Solar Philippines Power Project Holdings Inc. in exchange of shares.

The amount is equivalent to MGreen’s subscription of 15.7 billion common shares and 19.4 billion redeemable preferred voting shares in SPNEC which grants Meralco ownership of 31.4 percent of the latter’s common shares.

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“There is a battery element as part of the total project itself. So, with the batteries, the estimated cost is around P200 billion,” said Manuel Pangilinan, Meralco chairman, at the company’s quarterly results briefing on Monday.

Pangilinan said SPNEC’s solar and BESS projects are set to be the largest not just in Asia, but in the world.

“In terms of what our aim is, (the) closing, we’re hoping that it could be done by yearend.

They should be able to energize sometime first quarter 2026, first 600 megawatts (MW) out of 850 MW. Something should happen very quickly. There’s not only the plants but also the batteries but also the transmission,” Pangilinan said. – Jed Macapagal

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