Aboitiz Renewables secures P7.4-B loan for its Olongapo solar project

​Aboitiz Renewables Inc., through wholly-owned subsidiary AP Renewable Energy Corporation, signed a P7.4-billion project finance deal with the Bank of the Philippine Islands (BPI) to fund the engineering, construction, operation, and maintenance of the 221 megawatt peak (MWp) Olongapo solar power plant in Zambales.

The project is currently 95% complete and is on track for testing and commissioning by the third quarter of 2025, connecting to the Castillejos 230 kilovolt substation of the grid operator. 

Upon completion, the solar PV capacity will be 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 is the project company for the construction of the Olongapo solar power plant, which began in the first quarter of 2024. The company is wholly-owned by Aboitiz Renewables, the renewable energy arm of Aboitiz Power Corporation (AboitizPower). Aboitiz Renewables holds the investments and interests of AboitizPower in various renewable energy projects, including geothermal, large hydro, run-of-river hydro, wind, battery energy storage systems, and solar projects.

According to the Energy Regulatory Commission, AboitizPower is the market leader in power generation capacity, with a national market share of 23.86% as of July 2025. Together with its partners, AboitizPower also offers the largest renewable energy portfolio in the Philippines based on installed capacity under its operational control.

Aboitiz Power Corporation (AboitizPower) is the holding company for the Aboitiz Group’s investments in power generation, distribution, and retail electricity services. Guided by its vision and higher purpose, the company actively contributes toward uplifting the lives of the Filipino people and achieving a better world. 

The company is one of the largest power producers in the Philippines, with a balanced portfolio of assets located across the country. It is a major producer of renewable energy, with several hydroelectric, geothermal, and solar power generation facilities. It also has thermal power plants in its generation portfolio to support the country’s baseload and peak energy demands. 

AboitizPower also owns distribution utilities that operate in high-growth areas in Luzon, Visayas, and Mindanao, including the country’s second and third-largest private utilities.

In step with the country’s ambitions for its energy mix, AboitizPower aims to grow its portfolio of generation assets with renewables and selected baseload builds. The Company seeks to increase its renewables group’s assets from indigenous energy sources such as solar, hydro, geothermal, and wind. To date, AboitizPower, together with its partners, offers the largest renewable energy portfolio in the Philippines based on installed capacity under its operational control.