AC Energy unit divests from Aussie venture

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    AC Energy said its subsidiary UAC Energy Holdings has divested its 20 percent holdings in Infigen Energy following the latter’s plan to delist from the Australian Stock Exchange.

    UAC Energy is an Australian proprietary company that is 75 percent owned by AC Energy.

    The remaining 25 percent is owned by UPC Renewables Australia.

    AC Energy said the partnership sold its 20 percent stake in Infigen to the Iberdola Group of Spain for $0.92 per stapled security, almost 16 percent higher than its acquisition price of $0.794 per stapled security.

    “With the potential delisting of Infigen, AC Energy has decided to divest its stake in the company. We wish Iberdrola well on its successful acquisition of the platform. Meanwhile AC Energy remains committed to invest in Australia as it moves to ramping up construction of its 720 megawatts (MW) New England Solar Farm in the coming months,” said Patrice Clausse, AC Energy International chief operating officer. Clausse said in a statement Iberdrola achieved 75 percent ownership of Infigen, enabling it to move towards a delisting.

    Apart from the 720 MW solar farm, other UAC Energy’s ongoing renewable energy projects in Australia include the 250 Baroota pumped hydro project; 300 MW Bridle Track solar project; 160 MW Axedale solar farm; and the 1,000 to 1,200 MW Robbins Island renewable energy park and Jim’s Plain renewable energy park.

    The partnership is operating projects in the Philippines, Indonesia and Vietnam with more in development planned in India, South Korea and Taiwan. — Jed Macapagal