Aboitiz Power Corp.’s renewable energy subsidiary Aboitiz Renewables Inc. (ARI) has acquired 100 percent of Ubay Solar Corp. for $8.545 million, accelerating its goal to increase its clean energy capacity.
ARI signed the deed of assignment of shares of stock for the acquisition of Ubay Solar, the developer of the 137.48-megawatt Ubay solar project in Bohol from Ignis Philippines Development Inc. on Dec. 12, 2025.
AboitizPower said in a disclosure to the Philippine Stock Exchange that ARI exercised its call option under a call option agreement with Ignis. The acquired shares included 25,000 common, 10,000 preferred and 20,000 redeemable preferred shares.
“Through ARI, AboitizPower is continuously growing its renewable energy portfolio. 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,” AboitizPower said.
The Ubay solar project, a greenfield project in the municipality of Ubay, Bohol, is expected to reach financial close in 2026 and begin commercial operations by 2027.
