AC Energy, partner sell stake in Infigen

MANILA, Philippines — AC Energy Inc. and its partner have divested in Infigen Energy ahead of its potential delisting from the Australian Stock Exchange (ASX).

In a disclosure to the Philippine Stock Exchange, the Ayala-led power unit said UAC Energy Holdings, an investment holding company it owns along with UPC Renewables, has divested its 20 percent stake in Infigen Energy to Spain’s Iberdrola Group.

“Earlier today, UAC accepted the takeover offer of Iberdrola, one of the world’s largest renewable energy companies, for all its securities at $0.92 per stapled security,” AC Energy said.

“Iberdrola has continued to secure significant levels of acceptances and last week achieved a 75 percent ownership of the company, enabling it to move toward a delisting from the ASX,” it added.

UAC earlier acquired its stake in Infigen over several months, or from April to July this year, after seeing an opportunity to invest in the ASX-listed company.

The company completed its investment in July at an average price of approximately $0.794 per stapled security.

UAC’s total investment in Infigen was valued at approximately A$178 million (US$128 million).

“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,” AC Energy International chief operating officer Patrice Clausse said.

“Meanwhile, AC Energy remains committed to invest in Australia as it moves to ramping up construction of its 720-megawatt New England Solar Farm in the coming months,” Clausse said.

AC Energy said it is fast-tracking the construction of the New England Solar Farm after UPCAC Renewables Australia, its joint venture with UPC Renewables, signed a connection agreement with TransGrid for the connection arrangements for the project.

The project will be connected to TransGrid’s 330-kilovolt(kV) transmission line from Tamworth to Armidale in northeast New South Wales.

The New England Solar Farm near Urala in New South Wales, once fully constructed, will produce enough renewable energy to power around 250,000 homes each year.

The solar project is part of AC Energy’s target to exceed five gigawatts (GW) of renewable capacity and generate at least 50 percent energy output from renewables by 2025.

UPCAC Renewables Australia is operated as a joint venture between AC Energy and the UPC Renewables Group which has been operating in Australia for three and a half years and directly employs 30 full time employees.

Apart from the New England Solar Farm, other renewable energy projects of UPCAC in Australia include the 250-MW Baroota Pumped Hydro Project (250MW) and the 300-MW Bridle Track Solar Project in South Australia; the 160-MW Axedale Solar Farm in Victoria; the 1,000-1,200-MW Robbins Island Renewable Energy Park and Jim’s Plain Renewable Energy Park in North West Tasmania (1,000-1,200MW).

AC Energy and the UPC Renewables Group are long-time investment partners in Asia, with a successful track record of operating renewable energy projects in the Philippines, Indonesia and Vietnam, and projects in development in Vietnam, India, Korea and Taiwan.