Aboitiz Power acquires full stake in Ubay Solar for $8.5m

Deal to bolster company’s renewable energy portfolio

Aboitiz Power Corporation (AboitizPower) acquires Ubay Solar Corp in a $8.5m deal to further expand its renewable energy profile.

Through its subsidiary Aboitiz Renewables, Inc. (ARI), AboitizPower now has 100% ownership of the Ubay Solar Corp. which is developing a greenfield solar power project in the Municipality of Ubay, Bohol, the company said in a bourse filing.

ARI exercised its call option under a prior agreement recognized in January 2025 with Ignis Philippines Development, Inc., enabling it to acquire 100% equity interest in Ubay Solar Corp.

The shares were officially transferred on 12 December with payments to be given in phases tied to certain project milestones.

“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.”, Aboitiz Power said.