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AC Energy, partner sells stake in Infigen
Catherine Talavera (The Philippine Star) – September 11, 2020 – 12:00 am
MANILA, Philippines – AC Energy Inc. and its partner have divested Infigen Energy prior to its possible delisting from the Australian Stock Exchange (ASX).
In a disclosure to the Philippine Stock Exchange, the Ayala-led energy unit said that UAC Energy Holdings, an investment holding that it owns together with UPC Renewables, has sold its 20 percent stake in Infigen Energy to the Iberdrola Group of Spain.
“Earlier today, UAC accepted the acquisition offer from Iberdrola, one of the largest renewable energy companies in the world, for all its securities at $ 0.92 per stapled value,” said AC Energy.
“Iberdrola has continued to achieve significant levels of acceptances and last week achieved a 75 percent ownership of the company, which allowed it to move towards an exclusion from the ASX list,” he added.
UAC previously acquired its stake in Infigen for several months, or from April to July of this year, after seeing an opportunity to invest in the company listed on ASX.
The company completed its investment in July at an average price of approximately $ 0.794 per stapled value.
UAC’s total investment in Infigen was valued at approximately A $ 178 million (US $ 128 million).
“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 AC Energy International’s chief operating officer, Patrice Clausse.
“Meanwhile, AC Energy remains committed to investing in Australia as it moves forward to accelerate construction of its 720 megawatt New England solar farm in the coming months,” said Clausse.
AC Energy said it is accelerating construction of the New England Solar Farm after UPCAC Renewables Australia, its joint venture with UPC Renewables, signed a connection agreement with TransGrid for connection arrangements for the project.
The project will connect to TransGrid’s 330 kilovolt (kV) transmission line from Tamworth to Armidale in northeast New South Wales.
The New England solar farm near Urala in New South Wales, once fully built, will produce enough renewable energy to power around 250,000 homes each year.
The solar project is part of AC Energy’s goal of exceeding five gigawatts (GW) of renewable capacity and generating at least 50 percent of energy production from renewables by 2025.
UPCAC Renewables Australia operates as a joint venture between AC Energy and UPC Renewables Group, which has been operating in Australia for three and a half years and directly employs 30 full-time employees.
In addition to New England Solar Farm, UPCAC’s other renewable energy projects in Australia include the 250 MW (250MW) Baroota Pumped Hydroelectric Project and the 300 MW Solar Bridle Track Project in South Australia; the 160 MW Axedale Solar Farm in Victoria; the 1,000-1,200 MW Robbins Island Renewable Energy Park and Jim’s Plain Renewable Energy Park in Northwest Tasmania (1,000-1,200MW).
AC Energy and UPC Renewables Group are long-time investment partners in Asia, with a successful track record of operating renewable energy projects in the Philippines, Indonesia, and Vietnam, and projects under development in Vietnam, India, Korea, and Taiwan.
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