The Spanish energy group Iberdrola has increased again its bid for Australia’s largest renewable producer Infigen Energy, from AUD0.89 (US$0.64) per share to AUD 0.92 (US$0.66) per share, raising the offer to AUD893m (US$638m), on the condition that it acquires another 13% in the company before 30 July 2020.
Infigen Energy 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. In June 2020, 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 AUD80 per share and valuing the company at US$777m. Iberdrola then offered AUD 0.86 (US$0.61) per share, raising the offer to AUD870m (US$621m), and later increased its bid by 3.5%, offering AUD 0.89 (€US$0.64) per staple security of Infigen.
So far, Iberdrola has secured acceptance for 24.48% of Infigen Energy shares, including 20% from the Children’s Investment Fund, and 4.28% from other shareholders. Iberdrola's stake in Infigen Energy could increase to 37.48% if a 13% stake is secured by the end of July 2020 and it could even increase to 50.58% if Iberdrola takes over another 13.1% held by the Children’s Investment Fund. Infigen has secured the approval of the Foreign Investment Review Board (FIRB) of Australia.
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