Aboitiz Renewables Inc., through its wholly-owned subsidiary AP Renewable Energy Corp. (APREC), has signed a P7.4-billion project finance agreement with the Bank of the Philippine Islands to fund the construction and operation of the 221-megawatt peak (MWp) Olongapo Solar Power Project in Zambales.
Now 95 percent complete, the project remains on track for testing and commissioning by the third quarter of 2025. It will connect to the Castillejos 230-kilovolt substation and is set to become largest solar development to date of Aboitiz Renewables.
“Olongapo Solar represents a major contribution to AboitizPower’s clean energy portfolio and to the Philippines’ energy transition goals,” said Aboitiz Renewables President Jimmy Villaroman. “Every project we build is the product of a highly motivated organization contributing to our energy transition efforts.”
The Olongapo Solar project broke ground in the first quarter of 2024 and forms part of AboitizPower’s growing renewable energy push. APREC serves as the project vehicle and is fully owned by ARI—the renewable energy arm of AboitizPower.
AboitizPower currently holds the country’s largest renewable energy portfolio by installed capacity under operational control, including assets in solar, wind, geothermal, hydro, and battery energy storage systems. It also leads in overall power generation capacity with a 23.86% national market share as of July 2025, according to the Energy Regulatory Commission.
The company aims to grow its renewable energy capacity to 4,600 MW by 2030 in line with national decarbonization targets.
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