Press Release
Sep 19, 2025
The Bank of the Philippine Islands (BPI) is demonstrating its leadership in sustainable finance with a P7.4 billion project finance deal for AP Renewable Energy Corp., a wholly-owned subsidiary of Aboitiz Renewables, Inc. This landmark agreement will fund the development of a 221-MWp solar power plant in Olongapo, Zambales, a significant step toward boosting the Philippines’ renewable energy capacity.
In photo (L-R): 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 Corp.
This partnership is a powerful testament to the shared commitment of both organizations to the long-term value of clean energy. BPI’s support for the project, from its engineering and construction to its operation and maintenance, reaffirms its position as a key driver in the nation’s energy transition.
“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,” said Louie Cruz, BPI Institutional Banking Head.
“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.
“Every project we build is the product of a highly motivated organization contributing to AboitizPower’s energy transition effort,” Villaroman added.
This collaboration is a prime example of how strategic partnerships are paving the way for a more resilient and eco-conscious energy landscape for the entire country.
By financing this solar power plant, BPI is helping to accelerate the nation’s shift toward cleaner energy sources and secure a brighter, more sustainable future for generations to come. This is more than a transaction; it’s an investment in the progress and sustainability of the Philippines.
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