Aboitiz Power acquires full stake in Ubay Solar for $8.5m - Asian Power
Published February 28, 2026
Aboitiz Power Completes Acquisition of Ubay Solar for $8.5 Million
Aboitiz Power Corporation has successfully acquired a complete ownership stake in Ubay Solar Power, a solar energy facility located in Bohol, Philippines, for a total investment of $8.5 million. This strategic move is part of Aboitiz Power's ongoing efforts to expand its renewable energy portfolio and strengthen its commitment to sustainable energy solutions in the region.
The acquisition was finalized on October 20, 2023, and marks a significant milestone for Aboitiz Power as it seeks to enhance its renewable energy capacity. The Ubay Solar facility has an operational capacity of 10 megawatts (MW) and is expected to contribute positively to the local energy grid while supporting the Philippines' transition to cleaner energy sources.
Aboitiz Power's President and Chief Executive Officer, Emmanuel V. Rubio, stated that the acquisition aligns with the company’s strategic goals to increase its renewable energy generation capacity to 4,600 MW by 2030. This target is part of the broader vision of Aboitiz Power to achieve a balanced energy mix and reduce carbon emissions in the long run.
The Ubay Solar facility, which began operations in 2018, has been a crucial part of the energy landscape in Bohol. It has provided a reliable source of renewable energy to the region, helping to reduce dependence on fossil fuels and contributing to the Philippines' commitment to the Paris Agreement on climate change.
In addition to enhancing its renewable energy portfolio, Aboitiz Power's acquisition of Ubay Solar is expected to create job opportunities within the local community. The company is committed to supporting local economies and fostering sustainable development through its projects.
The acquisition also reflects the growing trend of investments in renewable energy across Southeast Asia, as countries in the region work towards achieving their climate goals and enhancing energy security. Aboitiz Power is well-positioned to capitalize on this trend, given its extensive experience in the energy sector and its commitment to sustainability.
As part of its growth strategy, Aboitiz Power has been actively pursuing other renewable energy projects, including wind and hydroelectric power. The company aims to diversify its energy sources and enhance its capacity to meet the increasing demand for electricity in the Philippines.
The Philippines has set ambitious targets for renewable energy, with a goal of achieving 35% of its total energy generation from renewable sources by 2030. This goal aligns with the country's commitment to reducing greenhouse gas emissions and promoting sustainable development.
Aboitiz Power's acquisition of Ubay Solar is a testament to its dedication to supporting the Philippines' renewable energy goals. The company continues to explore new opportunities for growth and innovation in the renewable energy sector, ensuring that it remains at the forefront of the energy transition in the region.
In conclusion, Aboitiz Power's acquisition of Ubay Solar for $8.5 million marks a significant step in the company's journey towards expanding its renewable energy capacity. With a clear vision for the future and a commitment to sustainability, Aboitiz Power is poised to play a crucial role in the Philippines' transition to a greener energy landscape.
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