Power

Ayalas shore up interest in Infigen to 20%

UAC Energy Holdings, a joint venture between AC Energy Corp. and lUPC Renewables, has raised its shareholdings in Australian renewables company Infigen Energy to 20% from 13.8%.

In a stock exchange filing, Ayala Corp. said UAC shelled out a total of $128 million for its investment in Infigen, roughly $0.793 per stapled security or a nearly 1% discount to the sole remaining bidder Iberdrola’s offer price of A$0.92 per share.

“We are committed to the Australian renewables sector, which will continue to form part of our core strategy,” said Eric Francia, CEO of AC Energy.

UAC chairman Anton Rohner, for his part, said the takeover offer for Infigen “was not predicated on control and was therefore not subject to a minimum acceptance condition.”

AC Energy is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region. It aims to exceed 5 gigawatts of attributable capacity and generate at least 50% of energy output from renewables by 2025.

Infigen, meanwhile, owns several wind projects in Australia including the 113.2 megawatt Bodangora and 278.5 MW Lake Bonney wind farms in New South Walkes and South Australia and the recently commissioned lLake Bonney storage facility.

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