AC Energy, partner sell stake in Infigen to Spain’s Iberdrola

By Lenie Lectura – September 10, 2020
from Business Mirror

UAC Energy Holdings Pty Ltd (UAC), the joint venture between AC Energy, Inc. and UPCAC Renewables Australia, gave up its 20-percent investment in Australia’s Infigen Energy Ltd. (Infigen).

UAC, which sold its Infigen interest to Spain’s Iberdrola Group, accepted the takeover offer for all its securities at $0.92 per stapled security.

Iberdrola has continued to secure significant levels of acceptances and last week achieved a 75-percent ownership of the company, enabling it to move towards a delisting from the Australian Securities Exchange (ASX). Infigen Energy, is listed on the ASX and has nearly 1,000MW of installed capacity.

“With the potential delisting of Infigen, AC Energy has decided to divest its stake in the company. We wish Iberdrola well on its successful acquisition of the platform,” said Patrice Clausse, AC Energy International COO.

UAC had just completed last July its investment in Infigen at an average price of approximately $0.794 per stapled security.  Back then, UAC said its Infigen investment was a “crucial move forward” 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 renewables, by 2025.

Clausse said AC Energy remains committed to invest in Australia, as it moves to ramping up 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 power portfolio registered an attributable capacity of over 1.8 GW in operation and under construction, spanning projects in the Philippines, Indonesia and Vietnam.

The company increased its attributable energy output in 2019 by 25 percent to 3,500 Gigawatt hours, of which 50 percent came from renewable energy sources.

In June, AC Energy announced its acquisition of a 12.82-percent stake in Infigen for AUD90.4 million via UAC.

Infigen is a renewable energy developer, generator, and retailer listed on the Australian Securities Exchange that owns and operates 670megawatts (MW) of wind farms all over Australia, as well as gas, battery and contracted assets.