Aboitiz backed solar startup sees 272% surge in solar inquiries

Solviva Energy, Aboitiz Power (AP)'s residential solar startup, saw customer inquiries surge 272% YoY from March-August. It plans to expand beyond Greater Manila into Cebu and Davao, supported by the Department of Energy (DOE)'s streamlined rules for residential and small-scale solar installations.

We see this as an early positive for AP, but not yet material to our estimates, as the business remains small and high upfront costs can still temper adoption. Its zero-down payment and flexible payment options should help lower this hurdle. More importantly, AP is expanding across the power value chain and closer to the end consumer, with its RES business and now retail solar.

The key watchpoints are installation conversion, rollout beyond Greater Manila and unit economics, which will determine whether Solviva can scale into a meaningful contributor to AP.

We have an Outperform rating on AP with a P51.6/sh target. The investment case remains anchored on defensive cash flows and near-term upside from elevated spot power prices, while Solviva adds longer-term optionality from residential solar.

Disclaimer: The information, analyses, and views contained herein is based on sources which we, AB Capital Securities, believe are reliable, but is not guaranteed by us and is not to be considered all inclusive. It is not to be construed as an offer or solicitation of an offer to sell or buy the securities herein mentioned. AB Capital Securities and its Directors and Officers and/or members of their families may have a position in the securities herein mentioned and may make purchases and/or sales of the securities from time to time in the open-market and otherwise.

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