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It said it was looking at “forging closer links” with long-term partners and alliances to take the company to “another period of expansion”. This included considering offers to buy some or all of the company.
An AAP report said Pacific Energy's second largest stakeholder, American Electric Power, may be looking to offload its 16% stake in the company. Market sources said coal producers and petroleum companies might also be looking to buy into Pacific Energy to gain a foothold in the renewable energy industry.
A Melbourne energy analyst said reports indicated interest was coming from Australia, South-East Asia and Japan, and possibly Australia's biggest power retailer Australian Gas Light Co.
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.
“The company will continue with its business as usual during this review process, including the progression of its major projects under development both in Australia and overseas,” Pacific Hydro said.
Shares in the company closed yesterday at a two-year high of $3.82, up 21%.
