The Melbourne-based company told shareholders yesterday in a statement it had received proposals from a “number of Australian and international parties”. It did not disclose the names of interested parties.
“The strategic review process is continuing through to the selection of a number of parties to undertake due diligence on Pacific Hydro,” it said.
Pacific Hydro shares jumped more than 20c to $4.70 on the announcement.
Investment bankers and hedge funds and energy major AGL are among the Australian companies believed to be prospective buyers, AAP said.
Pacific Hydro’s second largest stakeholder, American Electric Power, may be looking to offload its 16% stake in the company.
Pacific Hydro, Australia’s largest renewable energy company, has more than 550-megawatts of additional generation capacity either under contract or negotiation in Australia, Fiji, Chile and the Philippines. This would more than triple its existing generation capacity.
