RENEWABLE ENERGY

Pac Hydro head to retire

PACIFIC Hydro managing director Jeff Harding has announced he intends to retire at the end of Jun...

Pac Hydro head to retire

Pacific Hydro chairman Bernard Wheelahan said the company’s market capitalisation had grown from $5 million to more than $750 million during Harding’s tenure.

"Jeff remains a passionate advocate of sustainable development and renewable energy and has seen Pacific Hydro become Australia's leading wind energy generator with its wind farms at Codrington, Challicum Hills and Yambuk in Victoria," Wheelahan said.

Pacific Hydro is under a $788 million takeover bid from superannuation fund manager Industry Funds Management (IFM), a long-term shareholder in the renewables company.

IFM has offered $5 for each Pacific Hydro share, trumping a bid by Spanish firm Acciona which has offered $4.90 cash per share.

Pacific Hydro's independent directors have unanimously recommended that shareholders accept IFM's offer.

But by yesterday IFM had only increased its stake in Pac Hydro from 31.6% to 35% and the company’s shares closed at $5.08.

Investors may be betting that Acciona will return with a higher bid, but other analysts are predicting the Spanish company will make a play for Southern Hydro, another renewable energy producer. Southern Hydro’s owner, New Zealand government-owned Meridian has said it is open to offers.

But unlike Pacific Hydro, Southern Hydro has no overseas assets and lacks exposure to Kyoto-compliant carbon trading.

At Pacific Hydro, general manager of development and operations, Rob Grant, will act as interim chief executive until the company completes a strategic review. Pacific Hydro also said it expected executive director Philip van der Riet, currently based in Chile, to retire from executive management at the end of this year.

Meanwhile, the takeover battle continues.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.

editions

ENB Cost Report 2021

This industry-wide report aims to understand current cost levels across the energy industry