Aboitiz Renewables Inc. (ARI), through its wholly-owned subsidiary AP Renewable Energy Corp., has signed a P7.4-billion project finance agreement with the Bank of the Philippine Islands (BPI) to fund the 221-megawatt peak (MWp) Olongapo solar power plant in Zambales.

The company said in a stock exchange report on Friday that the facility will cover the engineering, construction, operation and maintenance of what will be ARI’s largest solar project to date.

95 percent complete

The project is 95 percent 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.

“Olongapo Solar represents a major contribution to AboitizPower’s clean energy portfolio and more so to achieving the Philippines’ energy transition targets,” said ARI president Jimmy Villaroman.

Highly motivated organization

“Every project we build is the product of a highly motivated organization contributing to AboitizPower’s energy transition effort.”

Construction of the Olongapo solar power plant began in the first quarter of 2024 under AP Renewable Energy Corporation, the project company wholly owned by ARI.

ARI is the renewable energy arm of Aboitiz Power Corp., which holds investments in geothermal, large hydro, run-of-river hydro, wind, solar, and battery energy storage projects.

According to the Energy Regulatory Commission, AboitizPower is the market leader in power generation capacity, with a 23.86 percent national market share as of July.