AboitizPower Acquires 60% Stake in 191 MW Solar and Battery Storage Project In the Philippines

Aboitiz Power Corp. is strengthening its renewable energy presence in the Philippines through a planned investment in a 191-megawatt (MW) integrated solar power project with battery energy storage facilities in Bukidnon. The project will be developed through a partnership with A Brown Co. Inc., with AboitizPower’s renewable energy subsidiary, Aboitiz Renewables Inc. (ARI), set to acquire a 60% stake in Manolo Fortich Power Corp. (MFPC).

According to the company, ARI has signed a joint development and investment agreement to acquire the majority ownership in MFPC. The proposed transaction is valued at approximately ₹750 million and is expected to support the development of the integrated solar power park and its associated infrastructure.

Under the agreement, Aboitiz Renewables will initially subscribe to 3.75 million common shares of MFPC at ₹1 per share. The company will also purchase 74.625 million redeemable preferred shares at ₹10 each following an increase in MFPC’s authorised capital stock. These share subscriptions will allow ARI to secure a 60% ownership interest in the project company.

However, the completion of the investment remains subject to standard closing conditions. These include the successful completion of the required due diligence process and fulfilment of other conditions related to the transaction. The final implementation of the subscription agreements and issuance of shares will take place after these requirements are met.

MFPC is an indirect, wholly owned subsidiary of A Brown Co. Inc. through ABC Energy Inc. The company is currently leading the construction of a 191 MW alternating current (MWac) integrated solar power park in Bukidnon. The project will include a battery energy storage system (BESS) and related interconnecting facilities to support the delivery of electricity.

The integration of battery storage is expected to support the effective utilisation of solar power and improve the management of renewable electricity generation. The project also reflects the growing role of energy storage in supporting renewable energy development and grid reliability in the Philippines.

Aboitiz Renewables has expanded its renewable energy portfolio considerably over the past four years, adding 846 MW of capacity through six solar power plants, an integrated battery energy storage system and a geothermal binary plant in Tiwi, Albay.

Currently, ARI operates 45 renewable energy facilities across the Philippines. The company also has a development pipeline exceeding 1,000 MW, with additional projects expected to contribute to its future capacity growth.

Through this investment, AboitizPower aims to strengthen its renewable energy portfolio and expand its participation in the country’s growing solar power and battery storage market.