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UAC Energy Holdings Pty Ltd (UAC), the joint venture between AC Energy, Inc. and UPCAC Renewables Australia, renounced its 20 percent investment in Infigen Energy Ltd. (Infigen) of Australia.
UAC, which sold its stake in Infigen to the Iberdrola Group of Spain, accepted the tender offer for all its securities at $ 0.92 per stapled value.
Iberdrola has continued to achieve significant levels of acceptance and last week achieved a 75 percent ownership of the company, allowing it to move towards a delisting from the Australian Stock Exchange (ASX). Infigen Energy is listed on the ASX and has almost 1,000MW of installed capacity.
“With the possible delisting of Infigen from the list, AC Energy has decided to divest its stake in the company. We wish Iberdrola the best in its successful acquisition of the platform, ”said Patrice Clausse, COO of AC Energy International.
UAC had just completed its investment in Infigen last July at an average price of approximately $ 0.794 per stapled value. Back then, UAC said its investment in Infigen was a “crucial advance” for AC Energy’s regional expansion as it remains committed to its goal of exceeding 5 gigawatts (GW) of attributable capacity, with 50 percent of energy generated from renewable energies, by 2025.
Clausse said AC Energy remains committed to investing in Australia as it moves to accelerate construction of its 720MW New England solar farm in the coming months.
AC Energy is the energy platform of conglomerate Ayala Corp. In 2019, AC Energy’s energy portfolio recorded an attributable capacity of more than 1.8 GW in operation and under construction, covering projects in the Philippines, Indonesia and Vietnam.
The company increased its attributable energy production in 2019 by 25 percent to 3,500 Gigawatt hours, of which 50 percent came from renewable energy sources.
In June, AC Energy announced the acquisition of a 12.82 per cent stake in Infigen for A $ 90.4 million through UAC.
Infigen is a renewable energy developer, generator and retailer listed on the Australian Stock Exchange, owning and operating 670 megawatts (MW) of wind farms across Australia, as well as gas, batteries and contracted assets.
