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Aboitiz Power Corp.’s renewable energy (RE) unit has taken a decisive step forward in its clean energy expansion strategy by acquiring complete ownership of a solar power developer in Bohol. The move underscores the company’s continued commitment to increasing its RE footprint amid the Philippines’ broader shift toward sustainable power.
The acquisition, finalized in December, positions Aboitiz Renewables Inc. (ARI) to drive one of its most promising solar projects toward financial close in 2026, with commercial operations slated to begin the following year. The deal aligns with growing investor confidence in solar energy as demand for cleaner, more resilient sources of power accelerates locally and globally.
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Full Ownership of Ubay Solar Corp.
In a disclosure to the Philippine Stock Exchange, AboitizPower confirmed that its wholly owned subsidiary, Aboitiz Renewables Inc., has exercised a call option to acquire 100 percent of the shares of Ubay Solar Corp. previously held by Ignis Philippines Development Inc. The deal was officially completed on December 12, 2025, with the signing of a Deed of Assignment of Shares.
The total purchase consideration amounted to $8,545,173. Payments for the acquisition will be released in stages as each agreed-upon milestone is achieved, the filing stated. With the acquisition now complete, ARI holds full control of the company developing the greenfield solar project in the municipality of Ubay, Bohol.
Once operational, the development will contribute additional clean energy capacity to AboitizPower’s growing portfolio and support the firm’s long-term goals for renewable generation.
This strategic acquisition comes as AboitizPower continues to build out its RE infrastructure across the Philippines. The company has been rapidly scaling solar generation capacity as part of its broader energy mix, which includes hydro, geothermal, and energy storage systems.
Renewable Momentum: Solar Projects Across the Country
AboitizPower’s push into solar energy is not limited to Bohol. Earlier reports highlight the company’s recent milestones, including the activation of its largest solar project to date in Negros Occidental. The 173‑megawatt‑peak (MWp) Calatrava Solar Project is now operational, marking a significant addition to the firm’s solar capacity.
“Calatrava is our fifth energized solar facility and the largest capacity thus far in AboitizPower’s growing solar generation portfolio,” said ARI president Jimmy Villaroman at the inauguration of the facility. “It (the solar park) adds more clean energy to the power mix, as well as valuable green jobs to the community.”
For the year alone, AboitizPower has fired up 512 MWp of new capacity through a series of renewable projects. These include the 159‑MWp Laoag Solar and 94‑MWp Cayanga‑Bugallon Solar power plants in Pangasinan, as well as other ventures in geothermal and energy storage.
The company indicated it plans to keep investing in green energy initiatives in pursuit of its ambitious target of reaching 4,600‑megawatt capacity.
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A Broader Vision for Sustainable Power
At present, AboitizPower’s RE portfolio exceeds 1,000 MW in capacity. Its presence spans the entire energy value chain, from power generation and distribution to retail electricity services and distributed energy solutions. While the firm’s generation portfolio still includes conventional sources, the growing emphasis on renewables signals a tectonic shift in strategy.
Danel Aboitiz, president and chief executive officer of AboitizPower, has hinted at further investments in renewable projects as the company explores avenues to diversify and strengthen its portfolio. “I think at the end of the day, again, we’re in growth mode. We have aspirations to build more,” he previously disclosed.
The acquisition of Ubay Solar Corp. represents a strategic advancement in AboitizPower’s renewable roadmap. By consolidating ownership and streamlining project development, the company is positioning itself to capitalize on the rising demand for clean energy solutions in the Philippines and the broader Southeast Asian region.
As the energy landscape evolves, initiatives like the Ubay Solar project are expected to play a crucial role in shaping a more resilient, sustainable, and economically vibrant power sector for the future.
Sources:
https://business.inquirer.net/496174/aboitiz-switches-on-negros-occidental-solar-park