Reuters reported that the Ayalas, through UAC Energy Holdings, made an all-cash takeover offer of company has also made an all-cash takeover offer of A$0.80 per Infigen share for a total of A$777 million or around $535 million.
UAC Energy has already directly and indirectly acquired a 12.8% stake in Infigen for A$90.4 million (roughly P3.14 billion).
Infigen owns and operates 670 megawatts of wind farms across Australia as well as gas, battery and contracted assets.
The tender offer for Infigen is subject to, among other conditions, approval from the Australian Foreign Investment Review Board and Infigen’s security holders.
“The investment in Infigen is a crucial move forward for AC Energy’s regional expansion as it remains committed to its goal of exceeding 5 gigawatt-hours of of attributable capacity, with 50% of energy generated from renewables by 2025.
UAC has been active in renewable energy development in Australia since 2017, focusing on large- scale solar, wind and pumped hydro storage.
The acquisition of interest in Infigen by UAC strengthens both AC Energy’s and UPC\AC’s commitment to provide low-cost power in Australia by expanding its operating portfolio and enabling the sale of energy through retail channels.
AC Energy,the energy platform of conglomerate Ayala Corp., is one of the fastest growing energy companies with $2 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.