By I. Inojales | 09:46 AM December 16, 2025
TAGBILARAN CITY — Aboitiz Renewables, Inc., a subsidiary of Aboitiz Power Corp. (AboitizPower), has acquired full ownership of a company developing a large-scale solar farm in Bohol for $8.55 million, or about P505 million.
In a regulatory filing on Monday, the company said it purchased a 100-percent equity interest in Ubay Solar Corp., the developer of the planned 137-megawatt (MW) solar project in Ubay, Bohol, from Ignis Philippines Development, Inc.
The transaction followed Aboitiz Renewables’ exercise of its call option to acquire all 55,000 shares held by Ignis, formalized through the signing of a deed of assignment of shares of stock.
“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,” the company said.
The Ubay solar project is expected to reach financial close next year, with commercial operations targeted to begin in 2027.
Aboitiz Renewables continues to expand its solar footprint nationwide. In November, the company energized its 92.55-MW solar power plant in San Manuel, Pangasinan—its third solar facility in the province.
The firm’s current solar portfolio totals 533 MW, with operating plants in Negros Occidental, Pangasinan, Ilocos Norte, and Tarlac.
Aboitiz Renewables aims to help the AboitizPower group achieve its renewable energy target of 4,600 MW by 2030. Overall, AboitizPower plans to grow its total attributable net sellable capacity to 9,200 MW by the end of the decade, maintaining a balanced mix of 50 percent renewable and 50 percent thermal energy sources.
