The Daily Tribune
Aboitiz seals P7.4-B deal with BPI for Zambales solar
Aboitiz Power Corp.'s renewable energy unit, Aboitiz Renewables Inc., has secured a P7.4-billion loan from the Bank of the Philippine Islands to finance its 221-megawatt peak Zambales solar park in Olongapo.
The loan will support the engineering, construction, operation, and maintenance of the solar power plant, which is currently 95 percent complete.
The Olongapo solar park is Aboitiz Renewables' largest solar project to date and is expected to undergo testing and commissioning this quarter.
Once operational, the solar park will be connected to the National Grid Corporation of the Philippines' Castillejos 230-kilovolt substation.
Aboitiz Renewables president Jimmy Villaroman stated that the Olongapo Solar project is a significant addition to AboitizPower's clean energy portfolio and contributes to the Philippines' energy transition goals.
Aboitiz Renewables also has investments in other clean energy sources, including geothermal, large hydro, run-of-river hydro, wind, and battery energy storage systems.
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