AboitizPower pursues Bukidnon solar deal
Aboitiz Power Corp. (AboitizPower) is pursuing a P750-million investment to acquire a 60-percent stake in a company developing a 191-megawatt (MW) solar and battery storage project in Bukidnon.
In a Tuesday disclosure, AboitizPower said its wholly owned subsidiary, Aboitiz Renewables Inc. (ARI), signed an agreement on 30 October 2026 to acquire majority stake in Manolo Fortich Power Corp. (MFPC), the company developing the project.
MFPC “plans to develop, construct, finance, and operate a solar power generation facility integrated with a Battery Energy Storage System (BESS) and related interconnecting facilities with an estimated capacity of 191 MWac located in Barangay Dalirig, Manolo Fortich, Bukidnon.”
Under the proposed transaction, ARI will subscribe to P750 million worth of shares in MFPC, comprising an initial P3.75 million for 3.75 million common shares priced at P1 each.
The remaining P746.25 million will cover the subscription to 74.625 million redeemable preferred shares at P10 apiece, subject to approval by the Securities and Exchange Commission of an increase in MFPC’s authorized capital stock.
The initial subscription will be paid in cash at closing upon execution of the pre-capital increase subscription agreement, while the remaining amount will be payable upon the call of MFPC’s board following SEC approval.
The investment would allow AboitizPower to expand its exposure to solar generation and battery storage technologies, which can help improve the flexibility of renewable energy supply.
Battery storage systems allow electricity generated by solar facilities to be stored for later use, helping manage fluctuations in output and potentially improving the reliability of power delivery.
However, the deal has yet to be finalized, with the company required to complete several conditions before closing.
“The execution of definitive subscription agreements and issuance of shares to ARI are subject to the completion (or waiver) of customary closing conditions, including completion of relevant due diligence for the Project, among others,” AboitizPower said.
These include satisfactory technical, legal, financial, tax, and land due diligence reviews.
The company expects the transaction to close and initial equity funding to proceed once the necessary conditions are fulfilled.
AboitizPower said the total subscription price for the 60-percent equity interest represents less than 10 percent of its consolidated assets as of 31 December 2025.
Its board of directors approved the proposed transaction on 18 August.
The company has yet to disclose the project’s total development cost, construction timetable, or target commercial operation date.
AboitizPower’s consolidated assets expanded four percent to P647.8 billion as of end-September from P622.8 billion at the close of 2025.