An affiliate of AC Energy Inc. has acquired a 12.8-percent stake in Australian renewables firm Infigen Energy Ltd. through a deal worth about P3.12 billion in the latest of the Ayala group’s overseas expansion moves.
AC Energy-controlled UAC Energy Inc. bought 124.48 million shares in Infigen and is also seeking to acquire through a tender offer up to 846.2 million more shares—representing the remaining 87 percent of the Sydney-based firm.
Parent firm Ayala Corp. said the first part of the acquisition effort cost 90.4 million Australian dollars (about $63 million), or 73 cents a share.
Listed on the Australian Securities Exchange, Infigen owns and operates a 670-megawatt portfolio of wind farms all over Australia and also has gas, battery and contracted assets.
According to Ayala, the tender offer still needed the green light from the Australian Foreign Investment Review Board as well as from Infigen security holders—a process that is expected to take months.
“The investment in Infigen is a crucial move forward for AC Energy’s regional expansion as it remains committed to its goal of exceeding 5 [gigawatts, or 5,000 MW] of attributable capacity, with 50 percent of energy generated from renewables, by 2025,” the parent firm said in a statement.
The Ayala group has been active in renewable energy development in Australia since 2017 through UPCAC. This joint venture of AC Energy with the UPC Renewables Group is focused on large-scale solar, wind and pumped hydro storage.
“The acquisition of interest in Infigen by UAC strengthens both AC Energy’s and UPCAC’s commitment to provide low-cost power in Australia by expanding its operating portfolio and enabling the sale of energy through retail channels,” Ayala said.