SINGAPORE: AC Energy Inc, a wholly-owned subsidiary of Ayala Corporation, through its affiliate UAC Energy Holdings Pty Ltd, has directly and indirectly acquired a 12.82% stake in Infigen Energy Limited for AUD 90.4 million.

Infigen is a renewable energy developer, generator, and retailer listed on the Australian Securities Exchange that owns and operates 670MW of wind farms all over Australia, as well as gas, battery and contracted assets.

UAC Energy, which is owned by AC Energy and UPC\AC Renewables Australia (UPC\AC), has also launched a tender offer for Infigen which is subject to, among other conditions, approval from the Australian Foreign Investment Review Board. The outcome of the tender offer will be subject to the acceptance of any selling Infigen securityholders and is expected to be a months-long process.

The investment in Infigen is a crucial move forward for AC Energy’s regional expansion as it remains committed to its goal of exceeding 5GW of attributable capacity, with 50% of energy generated from renewables, by 2025.

UPC\AC, an Australian joint venture of AC Energy with the UPC Renewables Group, has been active in renewable energy development in Australia since 2017, focusing on largescale solar, wind and pumped hydro storage. The acquisition of interest in Infigen by UAC strengthens both AC Energy’s and UPC\AC’s commitment to provide low-cost power in Australia by expanding its operating portfolio and enabling the sale of energy through retail channels.

AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines. AC Energy is one of the fastest growing energy companies with US$2 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

UAC is an Australian proprietary company that is 75% owned by AC Energy Group (AC Energy) and 25% by UPC Renewables Australia (trading as UPC\AC Renewables Australia). UPC\AC Renewables Australia is in turn a joint venture between AC Energy and UPC Renewables Group, which has been operating in Australia for three and a half years and directly employs 30 full time employees.