Advertisement

Ayala Group ups energy investments in Australia

AC Energy Inc., through affiliate UAC Energy Holdings Pty Ltd (UAC Energy), has directly and indirectly acquired a 12.82-percent stake in Infigen Energy Ltd. of Australia for P3.147 billion.

“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,” parent Ayala Corp. disclosed to the stock exchange on Wednesday.

Infigen is a renewable energy developer, generator and retailer listed on the Australian Securities Exchange. It owns and operates 670 megawatts of wind farms across Australia, as well as gas, battery and contracted assets.

“The businesses of Infigen and UPC\AC Renewables Australia are complementary from an investment perspective. We have ready access to capital and significant renewable energy expertise that will position us well to support Infigen’s pipeline of projects and focus on much-needed renewable energy investment and associated employment in Australia,” said UAC chairman Anton Rohner said.

UAC Energy, which is owned by AC Energy and UPC\AC Renewables Australia (UPC\AC), has also launched a tender offer for Infigen subject to the approval of the Australian Foreign Investment Review Board.

“The outcome of the tender offer will be subject to the acceptance of any selling Infigen securityholders and is expected to be a months-long process,” Ayala said.

UPC\AC, an Australian joint venture of AC Energy (75 percent) with the UPC Renewables Group (25 percent), has been active in renewable energy development in Australia since 2017, focusing on large-scale solar, wind and pumped hydro storage.

UPC\AC is developing a portfolio of Australian renewable energy projects, which include Robbins Island Renewable Energy Park in North West Tasmania (1,000 to 1,200 MW), New England Solar Farm in regional New South Wales (720 MW), Baroota Pumped Hydro Project (250 MW) and Bridle Track Solar Project in South Australia (300 MW) and Axedale Solar Farm in Victoria (160 MW).

AC Energy and UPC are long-time investment partners in Asia, with a successful track record of operating renewable energy projects in the Philippines and Indonesia, and projects in development in Vietnam, India, Korea and Taiwan.

“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,” Ayala said.

AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines. It is one of the fastest growing energy companies with $2 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

AC Energy is expanding rapidly around the region through strategic partnerships and greenfield initiatives.

Topics: AC Energy Inc. , Ayala Group , UAC Energy Holdings Pty Ltd , UAC Energy , Infigen Energy Ltd. of Australia , energy investments , Australia
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementSpeaker GMA
Advertisement