The Foreign Investment Review Board (FIRB) of Australia has approved the proposed acquisition of Infigen Energy, the country’s largest renewable producer, by the Spanish energy group Iberdrola. The Australian company owns 670 MW of wind power capacity and has 268 MW of highly valued firming assets and an additional 246 MW of contracted renewable capacity through offtake power purchase agreements (PPAs). It also has more than 1 GW of projects under development.
Lately, Iberdrola raised its bid for Infigen Energy by 3.5%, offering AUD 0.89 (€0.55, or US$0.62) per staple security of Infigen, instead of the AUD 0.86 (€0.53, or US$0.60) bid presented earlier in June 2020. This new price would raise the offer to AUD870m (US$606m). Earlier in June 2020, UAC Energy, a joint venture of Ayala’s AC Energy Philippines and UPC Renewables Group Hong Kong, had made an AUD 0.80 per share bid, valuing Infigen at US$777m.
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