Aboitiz Renewables Inc., through its wholly-owned subsidiary AP Renewable Energy Corporation, has successfully signed a P7.4-billion project finance deal with the Bank of the Philippine Islands (BPI).
The funding will support the engineering, construction, operation, and maintenance of the 221 megawatt peak (MWp) Olongapo solar power plant in Zambales.
The project, which began construction in the first quarter of 2024, is currently 95% complete and is on track for testing and commissioning by the third quarter of 2025.
Once operational, the plant will connect to the Castillejos 230-kilovolt substation of the grid operator and will become Aboitiz Renewables’ largest solar project to date.
“Olongapo Solar represents a major contribution to AboitizPower’s clean energy portfolio and more so to achieving the Philippines’ energy transition targets,” said Aboitiz Renewables President Jimmy Villaroman.
“Every project we build is the product of a highly motivated organization contributing to AboitizPower’s energy transition effort.”
AP Renewable Energy Corporation, the project company for the Olongapo solar power plant, is wholly owned by Aboitiz Renewables, the renewable energy arm of Aboitiz Power Corporation (AboitizPower).
Aboitiz Renewables manages the company’s investments in various renewable energy projects, including geothermal, hydro, wind, battery energy storage systems, and solar.
As of July 2025, AboitizPower is the market leader in power generation capacity in the Philippines, holding a 23.86% national market share.
Together with its partners, AboitizPower also boasts the largest renewable energy portfolio in the country based on installed capacity under its operational control.
