UAC Energy Holdings, which is majority-owned by AC Energy Inc., said Thursday it sold its 20-percent stake in Infigen Energy Ltd. of Australia to Iberdrola Group of Spain.
UAC acquired the stake in Infigen Energy over several months from April to July this year after seeing an opportunity to invest in Infigen Energy, which is listed on the Australian Stock Exchange and has nearly 1,000 megawatts of installed capacity. UAC completed its investment in Infigen Energy in July at an average price of A$0.794 per stapled security.
UAC on Thursday accepted the takeover offer of Iberdrola, one of the world’s largest renewable energy companies, for all its securities at A$0.92 per stapled security.
Iberdrola continued to secure significant levels of acceptances and last week achieved a 75-percent ownership of the company, enabling it to move towards a delisting from the ASX.
“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,” AC Energy International chief operating officer Patrice Clausse said in a statement.