Aboitiz Renewables Secures $133m Loan for Near-Complete Solar Project in Zambales

Aboitiz Renewables Inc., through its wholly owned unit AP Renewable Energy Corporation, has obtained a USD 133.2 million (PHP 7.4 billion) loan from Bank of the Philippine Islands to support its 221-MWp Olongapo solar project in Zambales.

The financing package will cover the engineering, construction, operation, and maintenance of the facility, which broke ground in the first quarter of 2024. Now 95% complete, the project is on schedule for testing and commissioning in the third quarter of 2025, when it will be connected to the Castillejos 230-kV substation.

Once finished, the Olongapo solar plant will become Aboitiz Renewables’ largest solar development to date.

Parent company AboitizPower held a 23.86% share of the Philippine power market as of July 2025. Together with its partners, it manages the country’s largest portfolio of renewable energy capacity under operational control.