Scatec JV reaches financial close for 80 MW BESS in the Philippines and prepares for construction start

03 Feb 2026 11:16 CET

Oslo/Manila, 03 February 2026: SN Aboitiz Power (SNAP), Scatec ASA's joint
venture with Aboitiz Renewables, inc., the renewable energy arm of Aboitiz
Power Corporation in the Philippines, has reached financial close and prepares
for construction start of the 40 MW Binga (phase 2) and 40 MW Ambuklao battery
energy storage systems (BESS).

The battery systems will be co-located with the Binga and Ambuklao hydro power
plants in the province of Benguet, generating revenues from the reserves
market. The new capacity is building on the success of the existing 24 MW BESS
co-located with the Magat hydro power plant, which has been generating solid
ancillary services revenues from the reserves market since the start of its
operations in 2024. SNAP also has 40 MW and 16 MW of BESS capacity currently
under construction at the Binga and Magat hydro power plants respectively,
planned to come into commercial operation later this year. The total BESS
capacity in construction and operation through SNAP in the Philippines is now
160 MW.

Batteries are optimal for ancillary services due to their fast response time
to correct real-time fluctuations in grid frequency, flexibility to perform
multiple grid services, and cost competitiveness. Ancillary services will be
increasingly important over time in the Philippines due to higher penetration
of intermittent renewables driven by the government's ambitious renewables
targets.

"We are very excited to start construction of two additional BESS projects in
the Philippines. With the new batteries we will increase our operational BESS
capacity in the Philippines sixfold over the next year, increasing the value
of our multi-technology asset portfolio and strengthening our position as a
leading provider of ancillary services in the country," says CEO Terje
Pilskog.

The projects are owned by SNAP, a joint venture between Scatec and Aboitiz
Power Corporation. The projects will be financed through project debt drawn
under debt facilities arranged with SNAP's existing lenders in the
Philippines.

For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP Investor Relations
andreas.austrell@scatec.com
+47 974 38 686

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

About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access
to reliable and affordable clean energy in emerging markets. As a long-term
player, we develop, build, own, and operate renewable energy plants, with 6.2
GW in operation and under construction across five continents today. We are
committed to grow our renewable energy capacity, delivered by our passionate
employees and partners who are driven by a common vision of Improving our
Future'. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock
Exchange under the ticker symbol SCATC'. To learn more, visit www.scatec.com
or connect with us on LinkedIn.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, at 2026-02-03 11:16
CET.

More information:
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