By Ben Otto

UAC Energy Holdings has raised its offer in a takeover bid for Infigen Energy, matching a competing offer from Iberdrola SA.

UAC said Monday that it would offer 86 Australian cents (59 U.S. cents) per stapled security to acquire Infigen, up from 80 cents previously. The new price matches a more recent offer by Spain's Iberdrola, which valued renewable-energy provider Infigen at A$835 million.

UAC, an Australian company owned by AC Energy Group and UPC Renewables Australia, already has an aggregate 12.82% stake in Infigen.

UAC said its offer was unconditional, and that it would procure the provision of an unsecured loan to Infigen to refinance its corporate facility, if required.

"The improved UAC offer is at a compelling price equal to the level at which the Infigen board endorsed a competitor's bid," UAC said, and "does not have a minimum acceptance condition, and allows security holders to accept the offer for all or part of their stapled securities."

Infigen shares were last up 3.1% at A$0.913, taking its year-to-date gain to 40%. 



  Write to Ben Otto at ben.otto@wsj.com