Listed energy firm Aboitiz Power Corp. said it has moved to fully acquire Ubay Solar Corp., strengthening its push to expand its renewable energy footprint in the Visayas.
AboitizPower said its green energy arm, Aboitiz Renewables Inc. (ARI), signed a deed of assignment of shares with Ignis Philippines Development Inc., paving the way for ARI to take over Ubay Solar. The transaction follows ARI’s exercise of its call option under a previous agreement with Ignis, allowing it to purchase all of Ignis’ shares in Ubay Solar.
Under the deal, ARI will pay Ignis USD8.5 million to acquire full ownership of the solar developer, consolidating control of a greenfield renewable project in Bohol. The solar farm is planned to generate 155-megaWatts once fully operational.
Ubay Solar is developing a solar power project in the town of Ubay, an area seen as increasingly attractive for renewable energy investments. The project is targeted to reach financial close in 2026, with commercial operations slated for 2027, according to AboitizPower.
Once completed, the facility is expected to contribute new clean energy capacity to the Visayas grid, supporting regional power demand while reducing reliance on fossil fuels. Industry analysts note that additional solar projects in Bohol could help improve grid stability and support the province’s growing economic activity.
AboitizPower said the acquisition fits squarely into its long-term growth strategy, as it continues to scale up its renewable portfolio through ARI. The company has been actively pursuing solar, hydro, wind, and geothermal projects to meet its clean energy expansion targets.
“The purchase of Ubay Solar accelerates our strategic goal to increase clean energy capacity and reinforces our commitment to supporting the Philippines’ sustainable energy transition,” the company said.
The transaction also underscores rising competition among major power producers to secure early-stage renewable projects, as the Philippines pushes to raise the share of renewables in its power mix. For AboitizPower, full ownership of Ubay Solar gives it greater flexibility to develop, finance, and eventually operate the project in line with its broader renewable energy ambitions.
