ABOITIZ Power Corp. said its renewable energy arm has acquired full ownership of Ubay Solar Corp., strengthening the group’s clean energy pipeline as it expands its renewable portfolio.
In a disclosure to the Philippine Stock Exchange on Dec. 15, 2025, AboitizPower said Aboitiz Renewables Inc. (ARI), its wholly owned subsidiary, executed a deed of assignment for the acquisition of 100 percent of Ubay Solar from Ignis Philippines Development Inc.
The transaction, completed on Dec. 12, involved the purchase of 55,000 shares, representing all of Ubay Solar’s outstanding shares, for a total consideration of $8.55 million. Payments will be made on a milestone basis, the company said.
Ubay Solar is developing a greenfield solar power project in the municipality of Ubay, Bohol. The project is expected to reach financial close in 2026 and begin commercial operations in 2027.
AboitizPower said the acquisition follows ARI’s exercise of a call option under an agreement signed in January 2025, which allowed ARI to acquire either 90 percent or 100 percent of Ubay Solar. The ARI board approved the transaction in April 2024.
“This acquisition accelerates AboitizPower’s strategy to increase its clean energy capacity and reinforces its commitment to supporting the Philippines’ sustainable energy transition,” the company said.
AboitizPower added that the deal is expected to contribute to the growth of its renewable generation portfolio in the coming years. / KOC