SMC unit will borrow ₱40 billion for battery storage plants Lenie LecturaNovember 2, 20232 minute read
Universal Power Solutions Inc. (UPSI) is borrowing P40 billion to finance its battery energy storage system (BESS) projects, the unit of San Miguel Global Power Holdings Corp. said. In a filing, the power arm of conglomerate San Miguel Corp. (SMC) said UPSI entered into financing agreements for the BESS projects built or to be built across multiple sites in the country. SMC had said that it plans to put up a total of 32 BESS network with a combined capacity of 1,000 megawatt hours (MWh). San Miguel Global Power will guarantee the loan, which will be divided into two tranches—P12 [...]