Aboitiz Renewables, the renewable energy arm of Aboitiz Power Corporation (AboitizPower), through its wholly owned subsidiary, AP Renewable Energy Corporation, secured a P7.4 billion (~$129 million) project financing with the Bank of Philippine Islands (BPI). The financing will be used to fund the engineering, construction, operation, and maintenance of the 221 MW Olongapo solar project in Zambales, Philippines.
The solar project is currently 95% complete and is on track for testing and commissioning by the third quarter of 2025. The project will be connected to the Castillejos 230-kilovolt substation of the grid operator.
AP Renewable Energy Corporation led the construction of the Olongapo solar project, which began in the first quarter of 2024.
“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.”
According to the Energy Regulatory Commission, AboitizPower holds 23.86% of the national power generation capacity market share as of July 2025. 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 Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
In January, Alternergy Holdings, a renewable energy project developer based in the Philippines, announced the closing of a PhP1 billion (~$17 million) senior term loan from the Rizal Commercial Banking Corporation (RCBC) for the development and construction of the 28 MW Balsik solar power project in Hermosa in the province of Bataan, Philippines.
