AboitizPower unit gets full control of Bohol solar farm
The renewable energy arm of Aboitiz Power Corp. has acquired full ownership of Ubay Solar Corp., a company reinforcing a 137.48-megawatt greenfield solar power project in Bohol.
In a disclosure, AboitizPower said Aboitiz Renewables Inc. (ARI), its wholly owned subsidiary, completed the acquisition of 100 percent equity interest in Ubay Solar Corp. after exercising its call option under an agreement with Ignis Philippines Development Inc.
The transaction was completed on Dec. 12 through the execution of a deed of assignment of shares of stock. The deal covered 25,000 common shares, 10,000 preferred shares and 20,000 redeemable preferred shares, representing the entire outstanding equity of Ubay Solar.
The total purchase price amounted to $8.55 million, with payments structured on a milestone-based schedule.
AboitizPower said the consideration was a negotiated amount between buyer and seller based on financial standing.
Ubay Solar is developing a greenfield solar power project located in the municipality of Ubay, Bohol. This is expected to reach financial close in 2026 and begin commercial operations in 2027, according to the disclosure.
AboitizPower said the acquisition supports its broader strategy to scale up its renewable energy platform, noting that the transaction would help accelerate its goal of increasing clean energy capacity while strengthening its position in the country’s energy transition.
The board of directors of ARI approved the acquisition as early as April 24, 2024. ARI subsequently signed the call option agreement on Jan. 10 this year, which allows it to acquire either 90 percent or 100 percent of Ubay Solar’s equity before opting for full ownership.
