Aboitiz Renewables Inc., through subsidiary AP Renewable Energy Corporation, has signed a PHP7.4-billion project finance deal with the Bank of the Philippine Islands (BPI) to fund its 221-megawatt peak (MWp) Olongapo solar power plant in Zambales.

The solar project, already 95% complete, is slated for testing and commissioning by the third quarter of 2025. Once connected to the Castillejos 230-kilovolt substation, it will supply clean power to the grid and stand as Aboitiz Renewables’ largest solar development to date.

Construction began in early 2024, with AP Renewable Energy Corporation established as the project company. The facility is expected to further strengthen the renewable energy portfolio of AboitizPower, which already spans geothermal, hydro, wind, solar, and battery energy storage systems.

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

The project comes at a time when AboitizPower maintains its position as the market leader in generation capacity, with a 23.86% national share as of July 2025, according to the Energy Regulatory Commission. Together with partners, AboitizPower also operates the largest renewable energy portfolio in the Philippines based on installed capacity under its control.

Do you think large-scale solar projects like Olongapo Solar are enough to fast-track the Philippines’ clean energy transition?

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