Aboitiz Renewables, through its wholly owned subsidiary AP Renewable Energy Corporation, has secured a USD133.2 million loan from Bank of the Philippine Islands to finance its 221 MWp Olongapo solar power project in Zambales.
The funding will support the engineering, construction, operation, and maintenance of the plant, which is currently 95 per cent complete. The construction began in Q1 2024, and the project is expected to begin testing and commissioning by Q3 2025. It will be connected to the Castillejos 230 kV substation. Once commissioned, it will be the company’s largest operational solar PV project to date.