UIL buys shares in wave technology developer Carnegie Wave Energy
Long-standing Infratil investor UIL, formerly known as Utilico Investments, has become a shareholder in ASX-listed Carnegie Wave Energy.
Long-standing Infratil [NZX: IFT] investor UIL, formerly known as Utilico Investments, has become a shareholder in ASX-listed Carnegie Wave Energy.
UIL acquired 5.07% of Carnegie from Renewable Energy Holdings for an undisclosed price, it said in a statement. The acquisition makes UIL the second-largest shareholder in Carnegie, and there is a 12-month trading escrow on the shares.
Carnegie is the owner and developer of patented CETO wave energy technology which converts ocean swells into zero-emission renewable power and desalinated freshwater. The technology is nearing the end of its commercialisation phase with the development and delivery of its CETO 6 product, the company says.
UK-listed UIL has been whittling down its stake in infrastructure investment firm Infratil, shedding six million shares on Friday for $19.9 million leaving it with just 2.5% of the company. It was one of the firm's biggest shareholders with a 20% stake before it started selling in 2010.
Infratil, which is listed on the NZX, is in the process of reshaping its own investment portfolio with a focus on renewable energy, the retirement sector, social infrastructure such as housing, telecommunications infrastructure, and waste management. It has been looking to deploy $1 billion of funds and two weeks ago said it would spend $A392 million on a 48% stake in Australia's Canberra Data Centres.
The shares rose 0.3% to $3.36 and have increased 2.3% this year. The stock is rated an average 'hold' based on five analyst recommendations compiled by Reuters with a median price target of $3.53.
(BusinessDesk)
Sophie Boot
Mon, 30 May 2016
Mon, 30 May 2016
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UIL buys shares in wave technology developer Carnegie Wave Energy
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