AboitizPower business unit secures P7.40B from BPI for Olongapo solar project

MANILA, Philippines – Aboitiz Power Corporation (AboitizPower) announced on Friday that its business unit, Aboitiz Renewables Inc., signed a P7.4-billion project finance deal with the Bank of the Philippine Islands (BPI), through the unit's wholly-owned subsidiary, AP Renewable Energy Corporation.

The energy firm said the loan would be mainly used to fund the engineering, construction, operation, and maintenance of the 221 megawatt-peak (MWp) Olongapo solar power plant in Zambales.

“Olongapo Solar represents a major contribution to AboitizPower’s clean energy portfolio and more so to achieving the Philippines’ energy transition targets. Every project we build is the product of a highly motivated organization contributing to AboitizPower's energy transition effort,” Aboitiz Renewables Inc. president Jimmy Villaroman said.

AboitizPower said the project was currently 95 percent complete and was on track for testing and commissioning by the third quarter of 2025, connecting to the Castillejos 230 kilovolt substation of the grid operator, National Grid Corporation of the Philippines (NGCP).

It said that the solar photovoltaic capacity would be Aboitiz Renewables Inc.’s largest solar project to date once completed.