SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

May 6, 2019

2. SEC Identification Number

34218

3. BIR Tax Identification No.

000-153-610-000

4. Exact name of issuer as specified in its charter

AYALA CORPORATION

5. Province, country or other jurisdiction of incorporation

PHILIPPINES

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

32F to 35F, Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City Postal Code 1226

8. Issuer's telephone number, including area code

(02)908-3000

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares	631,275,330
Preferred B Series 1 Shares	20,000,000
Preferred B Series 2 Shares	27,000,000
Voting Preferred Shares	200,000,000

11. Indicate the item numbers reported herein

item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Ayala CorporationAC

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
AC Energy and The Blue Circle will start construction of 170 MW Wind Farm in Vietnam
Background/Description of the Disclosure
AC Energy, Ayala's energy platform, in partnership with The Blue Circle (“TBC”) signed a Shareholders’ Agreement to jointly construct, own and operate the Mui Ne Wind Farm located at the Binh Thuan province, Southeastern coast of Vietnam. Construction for the 40 MW first phase will commence immediately with an estimated cost of USD92 million, to be financed by debt and equity. The Mui Ne Wind Farm has an expansion potential of up to 170 MW. AC Energy accounts for over 62% of the economic ownership including its 50% direct voting stake. Project completion of the first phase is expected in the First Half of 2020, in time for the new wind feed-in-tariff deadline of November 2021. The project company awarded Vestas the supply and installation contract for 10 V150-4.2 MW wind turbines, as well as a 10-year AOM5000 energy-based service agreement. The Vestas V150-4.2 MW wind turbine is considered as one of the highest producing turbines in the industry and is thus expected to deliver a competitive cost of energy for the project. In November 2018, AC Energy through its subsidiary AC Energy International Holdings Pte. Ltd. acquired a ~25% ownership of The Blue Circle Pte. Ltd. (“TBC”), as well as co-investment rights in TBC’s projects. AC Energy and TBC will jointly develop, construct, own and operate TBC’s pipeline of around 2,000 MW of renewable energy projects across Southeast Asia, including ~700 MW in Vietnam. TBC developed and constructed one of the first wind farms in Vietnam, Dam Nai JSC, while AC Energy owns and operates the first wind farm in Southeast Asia, North Wind Power. AC Energy is scaling up its renewable energy investments and is an active participant in Vietnam’s renewable energy sector.
Other Relevant Information
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