Spain-based Iberdrola takes over Infigen Energy

It proposed to buy the Australian producer for $638m.

Spanish energy group Iberdrola has taken over Australian renewable producer Infigen Energy by securing ownership of 52.75% of its shares. Consequently, Iberdrola’s takeover offer has been automatically extended until 19 August. Infigen has secured the approval of the Foreign Investment Review Board (FIRB) of Australia.

In June, Iberdrola entered a bidding battle against UAC Energy, a joint venture of Ayala’s AC Energy Philippines and UPC Renewables Group Hong Kong, which had launched a hostile takeover offer for Infigen Energy, offering $0.57 (A$0.80) per share and valuing the company at $777m.

Iberdrola then offered $0.61 (A$0.86) per share, raising the offer to $621m (A$870m). In July, Iberdrola increased its bid to $0.66 (A$0.92) per share, raising the offer to $638m (A$893m). UAC Energy succeeded to buy around 20% of Infigen Energy.

Infigen Energy owns 670MW of wind power capacity and has 268MW of highly valued firming assets and an additional 246MW of contracted renewable capacity through offtake power purchase agreements (PPAs). It also has more than 1GW of projects under development.

This article was originally published by Enerdata.