[ad_1]
A subsidiary of AC Energy Inc. has divested its stake in Infigen Energy Ltd. after fighting to secure a “material stake” in the Australian renewable energy company, parent company Ayala Corp announced Thursday.
In a disclosure, the publicly traded conglomerate said UAC Energy Holdings Pty. Ltd., the investment holding company owned by AC Energy and the UPC Renewables Group, had sold its 20 percent stake in Infigen to Spain’s Iberdrola Group. It is priced at 92 Australian cents per stapled title.
Iberdrola continued to achieve significant levels of acceptance, according to Ayala. He said the Spanish multinational power company acquired 75 percent ownership of Infigen, which could lead to the latter being pulled from the Australian Stock Exchange.
“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 Clause, COO of AC Energy International.
“AC Energy remains committed to investing in Australia as it moves forward to increase [the] the construction of its 720 megawatt solar park in New England in the coming months, “he added.
The divestiture ends AC Energy’s rivalry with Iberdola in taking over Infigen, which began when UAC Energy and Iberdrola Renewables Australia Pty Ltd. made proposals to take over the Australian firm.
UAC Energy initially offered to buy all of Infigen’s shares at 80 Australian cents a share, but Iberdrola offered 86 Australian cents each. The former then matched the offer, but the latter raised the amount to 92 Australian cents per stapled value.
After its board of directors endorsed Iberdrola’s offer, Infigen advised its stakeholders to accept it and ignore UAC Energy’s proposal.
Infigen owns and operates 670MW of wind farms, as well as gas, batteries and contracted assets.
AC Energy owns 75 percent of UAC Energy and UPC Renewables Australia 25 percent.
UPC AC Renewables Australia is a joint venture between AC Energy and UPC Renewables with renewable projects in the pipeline.
Iberdrola is one of the largest electricity companies in the world with a total installed capacity of more than 52 gigawatts. It serves some 34 million clients in Spain, South America, the United Kingdom and the United States.
Ayala shares lost P16 or 2.23 percent to end at P700 apiece on Thursday.
[ad_2]
