AboitizPower gets P7.4-B fund for Olongapo solar park
The renewable energy arm of Aboitiz Power Corp. has obtained a P7.4-billion loan for its 221-megawatt peak Zambales solar park.
In a disclosure on Friday, the group said Aboitiz Renewables Inc. inked a financing deal with the Bank of the Philippine Islands. This is to support the engineering, construction, operation and maintenance of its Olongapo solar power plant.
Since the project is deemed 95-percent complete, the company said the facility was on track for testing and commissioning within this quarter. The project cost was not disclosed.
The solar park, considered Aboitiz Renewables’ biggest solar project yet, will be linked to the Castillejos 230-kilovolt substation of the National Grid Corporation of the Philippines.
“Olongapo Solar represents a major contribution to AboitizPower’s clean energy portfolio and more so to achieving the Philippines’ energy transition targets,” said Aboitiz Renewables president Jimmy Villaroman.
Aside from solar power, Aboitiz Renewables has investments in several clean power assets, such as geothermal energy, large hydro, run-of-river hydro, wind and battery energy storage systems.
Front-runner in growth
Leo Lungay, vice president and general manager for the group’s solar and wind businesses, earlier said they see solar power as the “front-runner … in terms of growth initiative and growth numbers.”
Currently, the renewable energy producer generates over 1,965 megawatt (MW) of clean electricity from its overall portfolio. By 2030, Aboitiz Renewables hopes to have 4,600 MW of generating capacity.
AboitizPower has operations in power generation, distribution, retail electricity services and distributed energy.
The group earlier reported that its core net income plunged to P12.8 billion in the first half from a year ago’s P17.1 billion. This, as it realized the full impact of depreciation and interest expenses at GNPower Dinginin Ltd. Co.
Its beneficial earnings before interest, taxes, depreciation and amortization also fell by 6 percent to P34.1 billion from P36.3 billion.
