Ayala Corporation and its partner UPC Renewables had divested their 20-percent shareholdings in Australian firm Infigen Energy, following failed bid in acquiring the latter’s renewable energy platform.
The stake was sold by UAC Energy Holdings (the Ayala-UPC joint venture corporate vehicle) to Spanish energy giant Iberdrola Group, which emerged as the winning party in the Infigen merger and acquisition (M&A) deal.
In its disclosure with the Philippine Stock Exchange (PSE), Ayala stated it “acquired its stake over several months from April to July of this year after seeing an opportunity to invest in Infigen Energy.”
UAC Energy was basically Iberdrola’s competitor in the Infigen acquisition; but it was the latter’s tender that turned up as the palatable offer to the Australian energy firm, which to date has roughly 1,000 megawatts of capacity.
The Ayala-UPC joint venture said it completed investment in Infigen Energy in July “at an average price of approximately $0.794 per stapled security.”
It was last month when Spanish firm Ibredrola had taken control of the Australian energy firm, having locked up more than 50-percent of the company’s shareholdings.
Following that development, UAC announced on Thursday (September 10) that it also “accepted the takeover offer of Ibredrola…for all its securities at $0.92 per stapled security.”
It was noted that the Spanish energy giant has been cornering “significant levels of acceptances and last week achieved a 75-percent ownership of the company, enabling it to move towards a delisting from the ASX (Australian Stock Exchange).”
Patrice Clausse, COO of AC Energy International, said “with the potential delisting of Infigen, AC Energy has decided to divest its stake in the company,” adding that they are extending well wishes on Iberdrola “on its successful acquisition of the platform.”
For the Ayala firm, it noted that it will continue to pursue planned renewable energy investments in Australia, primarily the 720-megawatt New England solar farm that is already set to advance to construction phase in the coming months.
Australia is among the giga-markets eyed by the Ayala firm for significant RE installations so it could meet its 5,000MW target through year 2025. It has been eyeing solar, wind as well as hydropower developments in that country.