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Brix Lelis - The Philippine Star
December 16, 2025 | 12:00am
Solar panels in one of the Aboitiz Power's solar farms in this undated photo.
PNA / Photo from Aboitiz Power
“This acquisition accelerates AboitizPower’s strategic goal to increase its clean energy capacity and solidify its market position as a leader committed to supporting the Philippines’ sustainable energy transition.”
MANILA, Philippines — Aboitiz Power Corp. has acquired full ownership of Ubay Solar Corp., the developer of a large-scale solar farm in Bohol, for $8.55 million or roughly P505 million.
The company, through subsidiary Aboitiz Renewables Inc., signed a deed of assignment of shares of stock with Ignis Philippines Development Inc. involving the latter’s 100 percent equity interest in Ubay Solar.
“This acquisition accelerates AboitizPower’s strategic goal to increase its clean energy capacity and solidify its market position as a leader committed to supporting the Philippines’ sustainable energy transition,” it said in a stock exchange filing yesterday.
Ubay Solar is currently developing a greenfield solar farm, which is expected to reach financial closing next year and commercial operations in 2027.
With a potential capacity of 137.48 megawatts-peak (MWp), the project has already completed its system impact study with the National Grid Corp. of the Philippines, according to data from the Department of Energy.
In January, Aboitiz Renewables inked a call option agreement with Ignis, effectively granting the former the option to acquire either a 90 percent or 100 percent equity stake in Ubay Solar.
The board of directors of Aboitiz Renewables approved the move in April 2024.
Through Aboitiz Renewables, the Aboitiz Group’s power arm is positioning solar at the forefront of its renewable energy (RE) expansion.
At present, AboitizPower boasts a total operating solar capacity of 533 MWp. Its portfolio includes the 59-MWp San Carlos Sun Power in Negros Occidental, the 47-MWp Armenia Solar in Tarlac and the 95-MWp Cayanga-Bugallon Solar in Pangasinan.
AboitizPower, the country’s largest power producer, has more than 1,000 MW of RE projects in the pipeline.
