AN affiliate of Ayala Corp. sold its material stake in an Australian energy firm, which might be delisted from the stock market soon.

UAC Energy Holdings, a 75%-owned company of the Ayalas’ power arm AC Energy, Inc., divested its 20% shareholdings in Infigen Energy, Ltd. for A$0.92 per share to former rival bidder Iberdrola, S.A., the local conglomerate told the Philippine Stock Exchange, Thursday.

“With the potential delisting of Infigen, AC Energy has decided to divest its stake in the company. We wish Iberdrola well on its successful acquisition of the platform,” AC Energy International Chief Operating Officer Patrice R. Clausse said in a statement.

To recall, UAC Energy tried to fully acquire Infigen but later conceded to the Spanish multinational utility. Its old shareholdings were bought for an average price of A$0.794 per share. It previously said that its “offer was not predicated on control.”

UAC Energy’s investment in the Australian company was valued at A$178 million, or about US$128 million, if pegged against Iberdrola’s bid price.

Iberdrola is one of the biggest energy players in the world, having over 55 gigawatts of installed capacity in Spain, the United Kingdom, South America, and the United States. It powers around 34 million consumers worldwide. Presently, it owns three quarters of Infigen’s shares, while it is still accepting more until Sept. 23.

Both Iberdrola and UAC Energy pounced on Infigen, which has a portfolio of renewable projects with 670 megawatts (MW) of capacity, after its share prices dropped with the fall in power prices in the country.

Despite withdrawing investments from Infigen, AC Energy said the joint venture firm will continue to invest in the country with its renewable projects in the pipeline located in four Australian states.

“AC Energy remain[s] committed to invest in Australia as it moves to ramping up construction of its 720 MW New England solar farm in the coming months,” Mr. Clausse said.

It is also developing a 250-MW hydropower plant and 300-MW solar farm in South Australia; a 160-MW solar facility in Victoria; and 1,200-MW renewable energy parks in northwest Tasmania.

UPC\AC Renewables Australia, AC Energy’s joint venture with Hong Kong-based UPC Renewables Group, holds the remaining quarter interest in UAC Energy.

In the first half of 2020, AC Energy commenced the construction of some 700 MW clean power projects in the Philippines, Vietnam, India, and Australia which have a combined cost of A$1.23 billion.

On Thursday, shares in Ayala Corp. fell by 2.23% to close at P700 each. — Adam J. Ang