MANILA - AC Energy on Thursday said its joint venture firm with UPC Renewables Group has divested its holdings in Australia’s Infigen Energy.
UAC Energy Holdings, majority owned by Ayala’s AC Energy sold its 20 percent stake in Infigen Energy to Spain’s Iberdrola Group, one of the world’s largest renewable energy companies for $0.92 per stapled security.
UAC is an Australian proprietary company that is a joint venture between AC Energy and the UPC Renewables Group.
AC Energy said Iberdrola continued to secure significant levels of acceptances and last week achieved a 75 percent ownership of the Infigen Energy, enabling it to move towards a delisting of the company from the Australian Securities Exchange (ASX).
“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 COO.
Ayala acquired its Infigen Energy stake from April to July this year after seeing an opportunity to invest in the firm, which has nearly 1,000MW of installed capacity. UAC completed its Infigen Energy investment in July at an average price of approximately $0.794 per stapled security, it said.
“AC Energy remain committed to invest in Australia as it moves to ramping up construction of its 720MW New England Solar Farm in the coming months,” Clausse added.
Apart from the New England Solar Farm, it is also developing other renewable energy projects such as the 250MW Baroota Pumped Hydro Project and 300MW Bridle Track Solar Project in South Australia, 160MW Axedale Solar Farm in Victoria and 1,000-1,200MW Robbins Island Renewable Energy Park and Jim’s Plain Renewable Energy Park in North West Tasmania.