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Aboitiz Renewables Inc., the renewable energy arm of Aboitiz Power Corporation, has recently secured a substantial loan amounting to ₱7.4 billion from the Bank of the Philippine Islands. This financing is earmarked for the development of its ambitious 221 megawatt peak solar park located in Zambales. As disclosed on Friday, this facility is currently 95% complete, with expectations for testing and commissioning to commence within this quarter.

The Zambales solar park stands as Aboitiz Renewables' largest solar initiative to date, poised to connect with the Castillejos 230 kilovolt substation, thereby integrating into the National Grid Corporation of the Philippines. According to Jimmy Villaroman, president of Aboitiz Renewables, this project signifies a crucial advancement in the company’s clean energy portfolio and plays an essential role in supporting the Philippines' energy transition goals.

Beyond solar energy, Aboitiz Renewables is diversifying its clean power investments, which include geothermal energy, large hydroelectric projects, run-of-river hydro, wind, and battery energy storage systems. Leo Lungay, vice president and general manager for the group’s solar and wind sectors, emphasized the pivotal role solar power plays in the company’s growth strategy. Currently, Aboitiz Renewables generates over 1,965 megawatts of clean energy, with ambitious plans to expand this capacity to 4,600 megawatts by 2030.

However, the company reported a decline in core net income to ₱12.8 billion in the first half of the year, down from ₱17.1 billion the previous year, primarily due to increased depreciation and interest expenses related to GNP Power Dinginin Ltd. Co. Furthermore, beneficial earnings before interest, taxes, depreciation, and amortization also saw a six percent drop to ₱34.1 billion from ₱36.3 billion, reflecting the challenges faced during this period.