In a statement, AC Energy said UAC has accepted the takeover offer of Iberdrola, one of the world’s largest renewable energy firms, for all its shares at $0.92 per stapled security.
AC Energy decided to sell its stake in Infigen after Iberdrola achieved a 75% ownership of the Australian firm, enabling the Spanish firm to move toward the delisting of Infigen from the exchange.
“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 CEO.
Clause said AC Energy remains committed to invest in Australia as it moves to ramp up construction of its 720 megawatt New England Solar farm in the coming months.
AC Energy 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. It aims to exceed 5 gigawatt hours renewables capacity and generate at least 50% energy output from renewables by 2025.
The company increased its attributable energy output in 2019 by 25% to 3,500 GW hours, of which 50% came from renewable energy sources.