(Bloomberg) -- Spark Infrastructure Group said it would engage with Ontario Teachers’ Pension Plan Board and KKR & Co. over a takeover after the partners made an improved bid.

The company, which owns stakes in electricity transmission and distribution networks in Australia and is developing plans for a massive renewable energy hub, will offer the consortium access for due diligence, it said in a Wednesday statement.

Ontario Teachers’ and KKR raised their offer to A$2.95 ($2.17) a share from an earlier offer of A$2.80 that the company said valued the firm at about A$4.7 billion. Spark rejected previous approaches as too low.

Read more: Australia’s Spark Jumps After Rejected $3.5 Billion Takeover

Electricity producers and utilities with exposure to clean power generation are winning new attention as investors weigh the implications of a global shift away from fossil-fuels.

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