Aboitiz Renewables bags $133.2m loan for PH solar project

The project is 95% complete.

Aboitiz Renewables Inc., through wholly-owned subsidiary AP Renewable Energy Corporation, has secured a $133.2m (PHP7.4b) finance deal for its 221 megawatt peak Olongapo solar power plant in Zambales.

In a bourse filing, the company said the financing was secured from Bank of the Philippine Islands. This will fund the engineering, construction, operation, and maintenance of the solar plant.

Construction of the Olongapo solar power plant began in the first quarter of 2024. It 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.

AboitizPower has a national market share of 23.86% as of July 2025. Together with its partners, it has the largest renewable energy portfolio in the Philippines based on installed capacity under its operational control.