Pacific Hydro chairman Bernard Wheelahan said the company’s market capitalisation had grown from $5 million to more than $750 million during Harding’s tenure.

"Jeff remains a passionate advocate of sustainable development and renewable energy and has seen Pacific Hydro become Australia's leading wind energy generator with its wind farms at Codrington, Challicum Hills and Yambuk in Victoria," Wheelahan said.

Pacific Hydro is under a $788 million takeover bid from superannuation fund manager Industry Funds Management (IFM), a long-term shareholder in the renewables company.

IFM has offered $5 for each Pacific Hydro share, trumping a bid by Spanish firm Acciona which has offered $4.90 cash per share.

Pacific Hydro's independent directors have unanimously recommended that shareholders accept IFM's offer.

But by yesterday IFM had only increased its stake in Pac Hydro from 31.6% to 35% and the company’s shares closed at $5.08.

Investors may be betting that Acciona will return with a higher bid, but other analysts are predicting the Spanish company will make a play for Southern Hydro, another renewable energy producer. Southern Hydro’s owner, New Zealand government-owned Meridian has said it is open to offers.

But unlike Pacific Hydro, Southern Hydro has no overseas assets and lacks exposure to Kyoto-compliant carbon trading.

At Pacific Hydro, general manager of development and operations, Rob Grant, will act as interim chief executive until the company completes a strategic review. Pacific Hydro also said it expected executive director Philip van der Riet, currently based in Chile, to retire from executive management at the end of this year.

Meanwhile, the takeover battle continues.