Ceremonial loan signing. (L-R) The Bank of the Philippine Islands — represented by Top Corporates Team Head Raymond Anthony M. Cirujano; Top Corporates Division Head Juan Jesus C. Macapagal; Corporate Banking Group Head Barbara C. Untalan; and Institutional Banking Segment Head Luis E. Cruz — together with Aboitiz Renewables President Jimmy Villaroman; AboitizPower CFO Juan Alejandro Aboitiz; Aboitiz Renewables COO Alexander Coo; and Aboitiz Renewables CFO Marsha Santos.
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.
