AboitizPower’s RE bid gets P7.4-B project financing boost

The chief of Aboitiz Renewables Inc. is optimistic about the company’s energy transition efforts after its subsidiary secured a PHP7.4 billion loan from a domestic bank for its solar power plant in Zambales, eyed to be its biggest solar project.
In a disclosure with the Philippine Stock Exchange (PSE) on Friday, ARI, the holdings company of AboitizPower, said AP Renewable Energy Corporation has signed a project finance deal with the Ayala-led Bank of the Philippine Islands (BPI) for the 221-megawatt peak (MWp) Olongapo solar power plant in Zambales.
Construction of the power plant started in the first quarter of 2024 and is now 95 percent complete, it said.
The power plant, it said, “is on track for testing and commissioning by the third quarter of 2025, connecting to the Castillejos 230 kilovolt substation of the grid operator.”
Once completed, the power plant will be Aboitiz Renewables’ largest solar project so far, it said.
“Olongapo Solar represents a major contribution to AboitizPower’s clean energy portfolio and more so to achieving the Philippines’ energy transition targets,” Aboitiz Renewables President Jimmy Villaroman said.
“Every project we build is the product of a highly motivated organization contributing to Aboitiz Power’s energy transition effort.” (PNA)