UAC Energy Holdings, a company controlled by Philippine conglomerate Ayala Corp, has divested its 20 per cent holdings in Australian renewables firm Infigen Energy to Spain’s Iberdrola Group, according to a disclosure on the Philippine Stock Exchange Thursday.
The firm had acquired its stake in Infigen over several months from April to July this year after seeing an opportunity to invest in the Australian firm, which is listed on the Australian Stock Exchange and has nearly 1,000 megawatts of installed capacity.
It had originally lodged a bid to acquire the Australian renewable energy firm at a valuation of about A$777 million ($535 million). It first made an offer to acquire Infigen at A$0.80, but Iberdrola countered with A$0.86, prompting UAC to match the bid. However, Iberdrola again raised the offer to A$0.89 and then sweetened it further to A$0.92.
During the bidding process, Infigen’s board had advised shareholders to accept the offer from the Spanish firm, giving UAC just 19.9 per cent stake in the company.
“Earlier today, UAC accepted into the takeover offer of Iberdrola, one of the world’s largest renewable energy companies, for all its securities at A$0.92 per stapled security,” the company said.
Iberdrola achieved a 75-per cent ownership of Infigen Energy last week, enabling it to move towards a delisting from the ASX. With the potential delisting of Infigen, AC Energy said it has decided to divest its stake in the company.
AC Energy said it remains committed to investing in Australia as it moves to ramp up construction of its 720MW New England Solar Farm in the coming months.
UAC’s majority shareholder is the Philippines-based AC Energy Group, a wholly owned subsidiary of Ayala Corporation. Over the past six months, AC Energy has invested in 700 megawatts of new projects in the Asia Pacific.
The company increased its attributable energy output in 2019 by 25 per cent to 3,500 Gigawatt hours, of which 50 per cent came from renewable energy sources.