UAC Energy Holdings Pty Ltd. (UAC), the joint venture between AC Energy Inc. and UPCAC Renewables Australia, is increasing its offer price in a bid to take over Infigen Energy Ltd. (Infigen).
From A$0.80 per stapled security, the listed Australian clean energy developer increased its offer to A$0.86. “The offer is now wholly unconditional, and that it will accelerate payment terms to T+10 business days,” a statement from AC Energy stated.
In a Supplementary Bidder’s Statement filed with the Australian Securities and Investments Commission (ASIC), UAC also said it will procure the provision of an unsecured loan to Infigen to make its offer more attractive. “Given this, the improved UAC offer is at a compelling price equal to the level at which the Infigen board endorsed a competitor’s bid, unconditional, does not have a minimum acceptance condition, and allows security holders to accept the offer for all or part of their stapled securities,” it said.
Infigen is a renewable energy developer, generator and retailer that owns and operates 670MW of wind farms all over Australia, as well as gas, battery and contracted assets.
The acquisition of interest in Infigen strengthens both AC Energy’s and UPC\AC’s commitment to provide low-cost power in Australia by expanding its operating portfolio and enabling the sale of energy through retail channels.
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 of attributable capacity, with 50 percent of energy generated from renewables, by 2025.
Infigen is a renewable energy developer, generator, and retailer listed on the Australian Securities Exchange that owns and operates 670megawatts (MW) of wind farms all over Australia, as well as gas, battery and contracted assets.
“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 [GW] of attributable capacity, with 50 percent of energy generated from renewables, by 2025,” said AC Energy.
AC Energy, the power arm of conglomerate Ayala Corp., is expanding rapidly around the region through strategic partnerships and greenfield initiatives. The company aspires to exceed 5 GW of renewables capacity and generate at least 50 percent energy output from renewables by 2025.
In 2019, AC Energy’s power portfolio registered an attributable capacity of over 1.8 GW in operation and under construction, spanning projects in the Philippines, Indonesia and Vietnam.
The company increased its attributable energy output in 2019 by 25 percent to 3,500 GWh, of which 50 percent came from renewable energy sources.