Australian renewable energy developer Genex Power has received a A$300m (€200m) offer from a consortium, including Stonepeak.
The board of ASX-listed Genex said Skip Essential Infrastructure Fund 1 (SEIF) and Stonepeak Partners LLC2 had made a nonbinding bid to acquire all of the company’s ordinary shares on issue at A$0.23 per share. The offer price represents a 70% premium to Genex’s shares’ last closing price of A$0.14.
The bidders are proposing to complete the transaction by way of a scheme of arrangement.
Genex said SEIF, which is part of Skip Capital, holds 19.99% of Genex shares.
Genex Power was listed in 2015 and Japan’s J-Power is its anchor investor. It has a portfolio of more than A$1bn of renewable energy generation and storage projects across Australia including the flagship Kidston Clean Energy Hub.
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