Iberdrola to make takeover bid for Infigen Energy in Australia

• Spanish electric utility business Iberdrola is set to make a takeover bid for Australian renewables firm Infigen Energy for A$ 840m ($576m).

The firm has actually gotten support from its managing board and also its primary shareholder TCI Fund Management, which has 33% holding.

Infigen Energy currently has 670MW of wind power in operation, consisting of 7 wind ranches, and also an in-development portfolio of 1GW wind and also solar tasks.

The requisition of Infigen Energy will certainly strengthen Iberdrola in the Australian energy market, where it currently owns almost 1GW of installed capacity.

In addition, the procurement will certainly bring one more 560MW in operation through proprietary, leased and also capital-lite possessions. This includes power obtained from four PPAs (245MW) and storage batteries (75MW) for Iberdrola.

Presently, Iberdrola is establishing a hybrid sustainable project consisting of a 210MW wind farm and 110MW solar power plant in Port Augusta, South Australia.

The job is expected to become functional next year and also will certainly be developed with an approximated investment of EUR310m.

Earlier, Iberdrola CEO Ignacio Galán announced EUR10bn of financial investments this year to aid the company consolidate its position in the renewable resource market.

Last month, Iberdrola Renovables France got renewable energy company Aalto Power for EUR100m ($107m). Owned by Aiolos and also Caisse des Dépôts et Consignations, Aalto Power is based in Marseille and was established in 2005.

The deal included the acquisition of the shares standing for 100% of Aalto Power share capital as well as the task of particular loans provided by Aiolos as well as Caisse des Dépôts et Consignations. Aalto Power has a profile of onshore wind jobs in France with an accumulated ability of 118MW.