Aboitiz Renewables Inc. (ARI), through its wholly-owned subsidiary AP Renewable Energy Corp., has signed a P7.4 billion project finance deal with the Bank of the Philippine Islands to fund the engineering, construction, operation and maintenance of the 221-megawatt peak Olongapo solar power plant in Zambales.
In a statement to the Philippine Stock Exchange on Friday, Aboitiz Power Corp. said the project is 95 percent complete and is on track for testing and commissioning by the third quarter of 2025. It will connect to the Castillejos 230-kilovolt substation of the grid operator.
Upon completion, the Olongapo plant will be Aboitiz Renewables’ largest solar project to date.
“Olongapo Solar represents a major contribution to AboitizPower’s clean energy portfolio and more so to achieving the Philippines’ energy transition targets,” said Jimmy Villaroman, president of ARI.
“Every project we build is the product of a highly motivated organization contributing to AboitizPower’s energy transition effort.”
AP Renewable Energy, the project company for the Olongapo solar power plant, began construction in the first quarter of 2024. The company is wholly owned by ARI, the renewable energy arm of AboitizPower.
Aboitiz Renewables holds AboitizPower’s investments and interests in various renewable energy projects, including geothermal, large hydro, run-of-river hydro, wind, battery energy storage systems and solar projects.
Based on data from the Energy Regulatory Commission, AboitizPower is the market leader in power generation capacity, with a national market share of 23.86 percent as of July 2025.
The Aboitiz Group holds a total capacity of 6,774.442 megawatts in the national grid. It is also the most dominant player in the Luzon grid with a 26.95 percent market share (5,567.913 MW) and in the Mindanao grid with a 14.9 percent share (638.83 MW).
Together with its partners, AboitizPower also offers the largest renewable energy portfolio in the Philippines based on installed capacity under its operational control.
