A unit of Philippines-based Ayala Energy has tabled an A$777m ($535m) takeover bid for Infigen Energy, one of Australia’s largest renewable energy operators.

UAC Energy Holdings, majority-owned by Ayala’s AC Energy in conjunction with Hong Kong’s UPC Renewables, tabled the bid as it revealed it has bought 12.8% of Infigen.

Analysts in Australia said the offer could spark a bidding war for Infigen, which operates about 700MW of wind power as well as battery storage assets and gas-fired capacity.