Australia approves Iberdrola's acquisition of Infigen Energy

The Spanish energy group raised its bid by 3.5%.

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 670MW 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 1GW of projects under development.

Lately, Iberdrola raised its bid for Infigen Energy by 3.5%, offering $0.62 (A$0.89) per staple security of Infigen, instead of the $0.60 (A$0.86) bid presented earlier in June. This new price would raise the offer to $606m (A$870m).

Earlier, UAC Energy, a joint venture of Ayala’s AC Energy Philippines and UPC Renewables Group Hong Kong, had made an $0.56 (AUD 0.80) per share bid, valuing Infigen at $777m.

This article was originally published by Enerdata.