Norway, Feb. 18 -- Scatec ASA's joint venture with Aboitiz Power in the Philippines has reached financial close and prepares for construction start of the 16 MW Magat (phase 2) and 40 MW Binga battery energy storage systems (BESS).The battery systems will be connected to the Magat and Binga hydro power plants, generating revenues from the highly attractive ancillary services reserves market. The new capacity is building on the success of the existing 24 MW BESS connected to the Magat power plant, which has been generating solid ancillary services revenues since start of operation in 2024.Batteries are optimal for ancillary services due to their fast response time to tackle fluctuations in grid frequency, flexibility to perform multiple grid...