C02426-2022

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)
Apr 11, 2022
2. SEC Identification Number
39274
3. BIR Tax Identification No.
000-506-020-000
4. Exact name of issuer as specified in its charter
AC Energy Corporation
5. Province, country or other jurisdiction of incorporation
Makati City, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
4th Floor, 6750 Office Tower, Ayala Avenue, Makati City Postal Code 1226
8. Issuer's telephone number, including area code
(02) 7730 6300
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 38,315,838,177
11. Indicate the item numbers reported herein
N/A

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.

AC Energy CorporationACEN

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

ACEN pioneers energy transition financing to enable more renewables
Background/Description of the Disclosure

April 11, 2022 – ACEN, the Ayala group’s listed energy platform, successfully signed an Amended and Restated Omnibus Loan and Security Agreement for its wholly-owned subsidiary, South Luzon Thermal Energy Corporation (SLTEC) with Bank of Philippine Islands and Rizal Commercial Banking Corporation as lenders. The loan facility of up to Php13.7 billion is intended to (a) refinance SLTEC’s outstanding Php9.8 billion loan facility (b) fund the partial redemption of capital in SLTEC held by ACEN, subject to regulatory approvals; and (c) finance other transaction-related expenses. ACEN, in turn, shall use the proceeds of the equity redemption to reinvest in renewable energy projects.

Together with the Ayala group, ACEN announced its commitment to net-zero greenhouse gas emissions by 2050 in November last year. This goal is supported by key milestones that will bring ACEN generation output to 100% renewable energy by 2025.

Through this mechanism, ACEN’s coal-fired power plant with a capacity of 244 MW in Calaca, Batangas shall be decommissioned by 2040, 15 years ahead of the end of its technical life. This transaction shall serve as a pioneer energy transition financing in the country.

The concept adopts the principles of the “Energy Transition Mechanism” (ETM) being piloted by the Asian Development Bank (ADB) in South and Southeast Asia. ETM aims to use public, private, and philanthropic financing to provide low-cost capital to coal-fired power plants to accelerate their retirement and help jumpstart reliable and affordable clean energy. ADB announced an ETM partnership involving the Philippines and Indonesia at COP26 in Glasgow last year. ETM is also consistent with the Department of Finance’s goal to retire coal-fired power plants and transition to clean energy.

“In leading the energy transition, enabling mechanisms such as the ETM help accelerate our shift to a low carbon growth path and unlock new renewable energy investments,” said Eric Francia, ACEN President & CEO. “It is through this shared commitment between the public and private sectors towards achieving a low carbon economy, and our collective action for a sustainable and inclusive future that we can truly make an impact on our climate goals.”

“We are pleased to see that, along with strong support for climate financing from various financial institutions, groundbreaking initiatives such as the ETM are gaining momentum across the Asia Pacific,” said Cora Dizon, ACEN’s Chief Finance Officer. “Leveraging on sustainable policies and clean energy funding are essential for ACEN to sustain its leading position in renewable energy development and net zero ambition.”

“Energy transition will not be possible without responsible and proactive private sector actors. We commend the Ayala group and ACEN for the signing of this groundbreaking transaction, which is consistent with ADB's Energy Transition Mechanism to provide a pathway from fossil fuels to renewable energy. Their actions demonstrate that we can all accomplish more together, and that we have no time to wait when it comes to the accelerated decommissioning of coal-fired power," said Ahmed M. Saeed, Vice President of ADB. BPI Capital Corporation is the Mandated Lead Arranger and Sole Bookrunner, while RCBC Capital Corporation is the Lead Arranger.

DISCLAIMER: This disclosure may contain forward-looking statements that are subject to risk factors and opportunities that may affect ACEN’s plans to complete the transaction/s subject of this disclosure. Each forward-looking statement is made only as of the date of this disclosure. Outcomes of the subject transaction may differ materially from those expressed in the forwardlooking statements included in this disclosure.
Other Relevant Information

For inquiries and more information, please contact:

Irene Maranan
Head – Corporate Communications and Sustainability
Email: [email protected]
Filed on behalf by:
Name Alan Ascalon
Designation Vice President/ Asst. Corporate Secretary