By the Blocktec Editorial Team
Aboitiz Renewables Inc., the wholly owned renewables arm of Aboitiz Power Corp., agreed to invest about P750 million for a 60% stake in Manolo Fortich Power Corp. (MFPC). MFPC is developing a solar plant of about 191 MW (AC) with a battery energy storage system in Barangay Dalirig, Manolo Fortich, Bukidnon. The deal is not yet final: it still needs due diligence and a Securities and Exchange Commission (SEC) approval of a capital increase.
The Deal In Detail
AboitizPower said Aboitiz Renewables signed the agreement to acquire majority ownership of MFPC, the developer of the planned plant. MFPC is currently held by listed A Brown Co. through its unit ABC Energy Inc. The target site is Barangay Dalirig in Manolo Fortich, Bukidnon.
The project is rated at about 191 MW (AC). The AC label means the figure is the power the plant can deliver to the grid after its inverters convert the solar panels' direct current. It is paired with a battery energy storage system, so the plant can store some of its output instead of sending all of it out as it is generated.
AboitizPower's board approved the transaction on Aug. 18, 2026, well before the agreement was signed on Oct. 30. The company said the amount is below 10% of its consolidated assets as of end-2025.
How The P750 Million Will Be Paid
The payment comes in two parts, and the split matters for understanding when the money actually moves.
- At closing: Aboitiz Renewables pays P3.75 million in cash for 3.75 million common shares at P1 each.
- After SEC approval of a capital increase: it pays P746.25 million for 74.625 million redeemable preferred shares at P10 each. This amount is due when MFPC's board calls for it.
Together the two tranches come to about P750 million for the 60% stake. In plain terms, almost all of the money is paid only after MFPC raises its authorized capital with SEC approval. The small first payment simply seals the deal at closing.
What Is Still Unknown
Closing depends on customary conditions, including technical, legal, financial, tax and land due diligence. That means the buyer will check the project's engineering, its legal standing, its finances, its tax position and its land rights before the sale completes.
Several details were not disclosed: the battery capacity, the land area, the construction cost and the target date to start commercial operations. Without those, it is too early to say how large the build will be or when work on site might begin.
Where It Fits In AboitizPower'S Plans
AboitizPower aims to reach 4,600 MW of renewable capacity by 2030. Over the past four years its renewables unit added 846 MW. That total includes six solar plants adding up to 789 MW, 40 MW of battery storage and a 17-MW geothermal binary plant in Tiwi, Albay.
The company runs 45 renewable facilities and has more than 1,000 MW in development. Its consolidated assets rose 4% to P647.8 billion by end-September.
What It Means For Builders
Nothing is final yet, so no one should plan a bid around this project today. But if it closes and moves to construction, a solar-plus-storage site in Bukidnon will need more than panels. Control rooms, substation buildings and battery enclosures all have to be built, and for those, fire rating matters. Because the battery size and schedule were not disclosed, we cannot say how many such buildings there will be or when they will be needed.
For Mindanao contractors and engineers watching this one, it is worth preparing early on wall specs. Blocktec's AAC blocks carry a 4-hour fire resistance rating, and a trained mason with a helper lays about 10-12 m2 per 8-hour shift, up to 20 m2 on straight runs. Blocks go up with thin-bed adhesive and a skimcoat finish, so it is walang palitada, which trims time on small, critical buildings. In Blocktec's own cost comparison, the wall system showed up to about 21% savings versus hollow blocks, depending on the project.
Treat this as a secondary lead and a reason to get your wall quantities and fire-rating requirements ready, not a confirmed order. Watch for the SEC approval and the closing announcement, which will be the first real signs of timing.
Sources
- Daily Tribune: AboitizPower pursues P750-M Bukidnon solar deal (Nov 3, 2026)
- BusinessWorld: AboitizPower plans P750-million investment in Bukidnon solar project (Nov 3, 2026)
- Astig.ph: AboitizPower is taking a 60 percent stake in a 191-MW Bukidnon solar project for P750 million (Nov 3, 2026)
Planning control rooms, substations or other fire-sensitive buildings for a power project? Send your wall area or blueprints to sales@blocktec.ph or blocktec.ph for a free AAC wall-system estimate.