Aboitiz Renewables Inc., through its wholly-owned subsidiary AP Renewable Energy Corporation, has signed a P7.4-billion project financing agreement with the Bank of the Philippine Islands (BPI) to 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 schedule for testing and commissioning by the third quarter of 2025. Once operational, it will connect to the Castillejos 230-kilovolt substation of the grid operator.
Upon completion, the Olongapo solar plant will be Aboitiz Renewables’ largest solar project to date and a key addition to AboitizPower’s clean energy portfolio.
“Olongapo Solar represents a major contribution to AboitizPower’s clean energy portfolio and more so to achieving the Philippines’ energy transition targets,” said Jimmy Villaroman, President of Aboitiz Renewables. “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, is wholly owned by Aboitiz Renewables, the renewable energy arm of Aboitiz Power Corporation (AboitizPower). Aboitiz Renewables oversees AboitizPower’s investments in various renewable energy projects, including geothermal, large hydro, run-of-river hydro, wind, battery energy storage systems, and solar.
The Energy Regulatory Commission reported that as of July 2025, AboitizPower holds a 23.86% national market share in power generation capacity, making it the market leader. The company and its partners also operate the largest renewable energy portfolio in the Philippines based on installed capacity.
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