SINGAPORE: UAC Energy Holdings, an affiliate of AC Energy Inc., has been notified by the Australian Foreign Investment Review Board (FIRB) that the Commonwealth has no objection to UAC’s proposed acquisition of Infigen Energy.

Accordingly, UAC has given notice to Infigen that the condition to UAC’s takeover offer relating to the FIRB approval has been fulfilled, such that the offer has become free of that condition.

UAC is owned by AC Energy and UPC AC Renewables Australia (UPC AC). 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 large-scale solar, wind and pumped hydro storage.

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.

From a strong local base, AC Energy is expanding rapidly around the region through strategic partnerships and greenfield initiatives. The company aspires to exceed 5 GW of renewables capacity and generate at least 50% energy output from renewables by 2025.

In 2019, AC Energy’s power portfolio registered an attributable capacity of over 1.8 GW in operation and under construction, spanning projects in the Philippines, Indonesia and Vietnam.

The company increased its attributable energy output in 2019 by 25% to 3.5 Gigawatt hours of which 50% came from renewable energy sources.

UAC is an Australian proprietary company that is 75% owned by AC Energy Group (AC Energy) and 25% by UPC Renewables Australia .