Aboitiz Renewables acquires Bohol solar project

ABOITIZ Renewables, Inc., a subsidiary of Aboitiz Power Corp. (AboitizPower), has acquired shares in a company developing a large-scale solar farm in Bohol for $8.55 million (P505 million).

The unit bought 100% equity interest in Ubay Solar Corp., the developer of the 137-megawatt (MW) solar project, from Ignis Philippines Development, Inc., the energy company said in a regulatory filing on Monday.

The acquisition followed Aboitiz Renewables’ exercise of its call option to acquire all of Ignis’ shares, totaling 55,000 shares, and the signing of a deed of assignment of shares of stock.

“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.

The Ubay solar project is targeted to reach financial close next year and commence commercial operations in 2027.

In November, Aboitiz Renewables energized its 92.55-MW solar farm in San Manuel, Pangasinan, marking its third solar plant in the province.

At present, the company’s solar portfolio totals 533 MW, with facilities located in Negros Occidental, Pangasinan, Ilocos Norte, and Tarlac.

Aboitiz Renewables aims to help the group reach its renewable energy target of 4,600 MW by 2030.

Overall, AboitizPower plans to expand its total attributable net sellable capacity to 9,200 MW by 2030, maintaining a 50:50 balance between renewable and thermal energy sources. — Sheldeen Joy Talavera