“We are delighted to be moving to full ownership of Pacific Hydro, which now ensures that this strategically important asset remains in Australian hands,” IFM chairman Garry Weaven said.

There was a possibility earlier last week the company would fail to reach its target of 90% ownership before the unconditional offer was scheduled to close 5pm on Friday.

IMF wanted the large majority ownership so it could trigger a compulsory acquisition of the remaining shares.

The saga over who would own Pacific Hydro started in April when IFM topped a $A709 million takeover offer from Spain's Acciona with a friendly bid that valued the renewable energy company at $A725m.

The way ahead for IFM’s bid opened up last week when Acciona ceased to be a substantial shareholder – boosting IFM’s ownership to 77%.

IFM’s breaking the 90% level may have also avoided the mooted potential for the renewable energy company’s shares to drop below $A5 after the unconditional offer was to close at the end of trading.

IFM would now carry out the compulsory acquisition of all the outstanding shares in Pacific Hydro, Weaven said.