Ayala unit expands overseas footprint with stake in Infigen
- Jun 5, 2020 1:10 pm GMT
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AC Energy Inc., through its affiliate UAC Energy Holdings Pty Ltd. (UAC Energy), is expanding its portfolio overseas with the acquisition of a 12.82-percent stake in Infigen Energy Ltd. (Infigen) for AUD90.4 million.
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.
UAC Energy, which is owned by AC Energy and UPC\AC Renewables Australia (UPC\AC), also launched a tender offer for Infigen. This is still subject to regulatory approvals, including the Australian Foreign Investment Review Board.
UPC\AC, an Australian joint venture of AC Energy with the UPC Renewables Group, has been active in renewable energy development in Australia since 2017, focusing on large-scale solar, wind and pumped hydro storage.
'The acquisition of interest in Infigen by UAC 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,' it added.
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.