Philippines-linked investment company UAC Energy Holdings has launched a $777 million bid for Infigen Energy, which would see its own vast renewables portfolio in Australia combined with a range of projects developed by the Sydney-based renewables company. The announcement followed hot on heels of the confirmation that UAC took a 12.8% stake in the target company through an on-market raid on Tuesday.

Following the on-market buying, which was handled by Credit Suisse on UAC’s behalf, the Philipines firm said it now intended to make an all-cash takeover bid of $0.80 a share, for a total of $777 million. The offer described as “attractive” is 43.4% higher than the one-month average price of Infigen’s share, which stands at $0.56.

If successful, UAC would acquire seven wind farms and a 600 MW pipeline of projects that the developer recently deferred to save money, according to Reuters. Infigen’s wind projects are located across New South Wales, South Australia, and Western Australia, including the Lake Bonney Wind Farm which is collocated with one of South Australia’s three big batteries. The 25MW/52MWh Lake Bonney Tesla battery[3] was energized last year.[2]

“The businesses of Infigen and UPC/AC Renewables Australia are complementary from an investment perspective,” UAC chairman Anton Rohner said in a statement. “We have ready access to capital and significant renewable energy expertise that will position us well to support Infigen’s pipeline of projects and focus on much needed renewable energy investment and associated employment in Australia.”

UPC’s development portfolio in Australia includes a number of massive projects: the 1,000 MW Robbins Island Renewable Energy Park and the 1,200 MW Jim’s Plain Renewable Energy Park in north-west Tasmania, both of which would form a major part of the state’s Battery of the Nation Project.

The bidder has the NSW state government’s approval to develop the 720 MW New England Solar Farm[4] in regional New South Wales. It is also pursuing the 300 MW Bridle Track Solar Farm in South Australia, the 160 MW Axedale Solar Farm in Victoria, and the 250 MW Baroota pumped hydro project[5] in South Australia.