Iberdrola will exclude Infigen wind power from the Australian stock market

Iberdrola will ask the Infigen Energy board to exclude the wind energy company from the Australian Stock Exchange (ASX), given that, after taking control of it, only 3.5% of its capital is already in the hands of minority shareholders .
The company chaired by Ignacio Sánchez Galán already controls 76.5% of Infigen, while UAC Energy Holdings (UAC), the company dominated by the Philippine group Ayala and its rival defeated in the ‘battle’ to take over Infigen Energy, owns 19.94% of the capital.

In addition, Iberdrola has again decided to extend the deadline for its takeover bid (OPA) for the company until, in principle, next September 9, as reported by Infigen to the Australian Stock Exchange.

Infigen’s independent directors have again reiterated their recommendation to Iberdrola’s offer for holders who still own shares in the company.
“Given Infigen’s moderate short-term earnings prospects and the likely additional capital requirement to fund the group’s growth strategy, Infigen’s independent directors have unanimously determined that Iberdrola’s offering represents a compelling balance of value and certainty. for holders of Infigen securities, “the company adds.

On August 21, the Spanish energy company already consummated the takeover of Infigen, including the group’s strategy, by obtaining a majority on the board of directors of the Australian renewables group.

Specifically, Iberdrola has four of the seven members that make up the governing body of the Australian energy company. The representatives of the Spanish company on the board are David Mesonero, Sergio Hernández de Deza, Regina Reyes Gallur and Felipe Castresana.

Iberdrola’s offer on Infigen valued the Australian at about 893 million Australian dollars (about 553 million euros). The group thus managed to win the battle it had with UAC Energy Holdings (UAC).

In this ‘war’ of takeover bids, Iberdrola has had the support from the beginning of the funds The Children’s Investment Master Fund and CIFF Capital UK LP (TCI Funds), which accepted the offer of the Spanish company.

Iberdrola thus incorporates Infigen into its renewable portfolio, which at the end of the first semester reached 58,000 megawatts (MW), mainly in Europe and America.

Infigen is the owner of onshore wind generation facilities with an installed capacity of 670 MW, 268 MW of conventional generation assets and backup energy storage (‘firming’), the production of 246 MW of renewable generation capacity owned by third parties acquired in firm through power purchase and sale contracts and a portfolio of wind and solar projects in different phases of development for a total capacity of more than one gigawatt (GW).

In November of last year, Iberdrola decided to enter the Australian market with the construction of a hybrid solar and wind farm project with a capacity of 320 MW.