Daily Tribune
Bank of the Philippine Islands and Aboitiz officials pose for a photo to mark BPI’s financing of Aboitiz’s P7.4-billion solar project. In photo are (from left): BPI’s Jillian Blas, relationship manager; Raquel de Castro, BPI Wealth account officer; Raymond Anthony Cirujano, team head; Juan Jesus Macapagal, division head; Barbara Untalan, Corporate Banking group head; and Louie Cruz,institutional banking head; with Jimmy Villaroman, president, Aboitiz Renewables Inc.; Sandro Aboitiz, chief finance officer, Aboitiz Power Corp.; Alex Coo, chief operating officer, Aboitiz Renewables Inc.; Marsha Santos, chief finance officer, Aboitiz Renewables Inc.; Racquel Bustamante, deputy chief finance officer and treasurer, Aboitiz Power Corp.; and May Penaloza, vice president for treasury, Aboitiz Power Corporation.
Photograph courtesy of BPI
The Bank of the Philippine Islands (BPI) has closed a P7.4-billion project finance facility for AP Renewable Energy Corp., a wholly-owned subsidiary of Aboitiz Renewables Inc., to support the construction of a 221-megawatt peak (MWp) solar power plant in Olongapo, Zambales.
The deal underscores BPI’s push to grow its sustainable finance portfolio while backing the country’s shift toward renewable energy.
The Olongapo Solar project forms part of AboitizPower’s broader expansion into clean energy as it pursues its target of building a more diversified and sustainable generation mix.
“We are committed to partnering with businesses that share this mission, helping them finance projects that make a positive impact on both the environment and our communities,” BPI Institutional Banking head Louie Cruz said.
Step forward
For Aboitiz Renewables, the project is a step forward in ramping up its renewable capacity.
“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.
The project, Villaroman added, reflects the group’s organization-wide focus on accelerating its energy transition efforts.
BPI financing coverage
BPI said its financing will cover the project’s engineering, construction, operation, and maintenance phases, aligning with its role as a key player in sustainable finance.
The Olongapo solar facility is expected to bolster the country’s renewable energy capacity and support the government’s goal of increasing the share of clean energy in the national power mix.
