Aboitiz Renewables, Inc. (ARI), the renewable energy arm of Aboitiz Power Corp., has completed the acquisition of 100% equity interest in Ubay Solar Corp., a company developing a greenfield solar power project in Bohol, strengthening the group’s pipeline of utility-scale renewable assets. 

In a disclosure to the Philippine Stock Exchange dated December 12, AboitizPower said ARI exercised its call option under a Call Option Agreement with Ignis Philippines Development, Inc., resulting in the full takeover of Ubay Solar through the execution of a Deed of Assignment of Shares of Stock. 

Ubay Solar Corp. is developing a solar project located in the Municipality of Ubay, Province of Bohol. The project is expected to reach financial close in 2026, with commercial operations targeted for 2027, according to the disclosure. 

The transaction involves the acquisition of all outstanding shares of Ubay Solar—25,000 common shares, 10,000 preferred shares, and 20,000 redeemable preferred shares—equivalent to 100% ownership. The total purchase price amounts to USD 8.55 million, with payment structured on a milestone basis. 

“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,” the company said in the disclosure statement.

The ARI board approved the transaction as early as April 24, 2024. The Call Option Agreement granting ARI the right to acquire up to 100% of Ubay Solar was signed on January 10, 2025, ahead of the option’s exercise this month. 

The company affirmed that the seller, Ignis Philippines Development, Inc., has no material relationship with AboitizPower, its directors or officers, or any of its affiliates. 

How significant is this Bohol solar acquisition for accelerating large-scale renewable development outside Luzon, and what should stakeholders watch as the project moves toward financial close?

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Originally scheduled for December 15, 2025; published today due to temporary site downtime