One of the ASX’s few renewable energy plays, Infigen Energy (ASX:IFN), has received a takeover bid from UAC Energy, valuing it at $777m excluding debt.

UAC Energy is an investment company controlled by Phillipines-domiciled conglomerate Ayala Corporation.

Similar to Infigen, UAC also owns renewables projects in Australia. Its portfolio includes Tasmania’s Robbins Island Renewable Energy Park and the New England Solar Farm. It also has renewable projects throughout the Asia-Pacific region.

Like other takeover bids made during COVID-19, the bidder and its suitors argued the deal provided certainty to investors in a time of uncertainty. To prove its interest, UAC has already bought 12.8 per cent of Infigen.

Despite being in a stable cash position, Infigen had forecast lower electricity revenues in the current financial year.

The company also had to defer a handful of projects including the Flyers Creek Wind Farm and the relocation of its South Australian gas turbines.

In a statement to the ASX this morning UAC labelled the offer “particularly attractive” in that context.

Chairman Anton Rohner said the snap up was consistent with UAC’s investment strategy.

“The businesses of Infigen and UPC/AC Renewables are complementary from an investment perspective,” he said.

“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.”

Shares surged this morning at market open, even surpassing the 80c offer price.