C06603-2022

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)
Aug 29, 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
ACEN CORPORATION
5. Province, country or other jurisdiction of incorporation
Makati City, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
35th Floor, Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati 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 39,644,772,107
11. Indicate the item numbers reported herein
Item 9 - Other Events

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.

ACEN 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

72 MW Arayat-Mexico Solar Farm now operational
Background/Description of the Disclosure

• ACEN and Citicore deliver commercial operations of their 72 MW solar farm
• Construction of an additional 44 MW second phase is already in full swing
• The additional capacity helps accelerate the energy transition as ACEN targets to achieve 20 GW of attributable renewables capacity by 2030

29 August 2022 – The 72 MW Arayat-Mexico Solar Farm, a joint venture between ACEN and Citicore, is now fully operational, generating 105 GWh of renewable energy, the equivalent of supplying electricity to approximately 45,000 homes. This is a critical addition to the grid, where the energy industry is taking significant steps to ensure a reliable power supply.

The solar project helps avoid an estimated 72,000 metric tons of carbon dioxide emissions annually, and has created more than 1,500 job opportunities within the community, thereby stimulating much needed activity in the local economy.

The ₱2.9 billion solar facility was completed in less than a year since its groundbreaking in June 2021, meeting its objective to enhance the country’s energy supply particularly in Luzon especially during the summer months when demand is at its peak.

The 50-50 joint venture is now on full throttle to develop the project’s 44 MW second phase that is expected to be commissioned by Q2 of 2023, allowing it to realize its full capacity of 116 MW. The project was funded through a debt replacement and shall be refinanced with at least 40% equity and up to 60% bank debt.

Jose Maria Zabaleta, chief development officer of ACEN, said: “In line with our strategy of leveraging on partnerships and synergies in the power sector, we are extremely pleased to showcase another successful venture that moves us closer to our shared goals of sustainable development for our country. And as we work towards our bold vision to reach 20 GW of capacity by 2030, we aim to accelerate the energy transition across the region.”

Oliver Tan, president and CEO of Citicore Renewable Energy Corporation (CREC), said: “Citicore’s engineering excellence and end-to-end project development capabilities, from construction to commissioning, enabled a fast turnaround time for the completion of this maiden joint venture project with ACEN. With our aligned goals in providing renewable energy alternatives, we believe that our succeeding collaborations will empower us to move faster towards a sustainable and carbon-neutral future.”

Apart from the boost to the local economy through job creation, Arayat-Mexico Solar Farm has been driving sustainable investments to the community through medical care and other initiatives. “We give importance to our commitment to create positive, tangible and long-term value in the communities where we operate,” adds Zabaleta.

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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 forward-looking statements included in this disclosure.
Other Relevant Information

About ACEN

ACEN is the listed energy platform of the Ayala Group. The company has ~4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87%, which is among the highest in the region.

ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW in renewables capacity by 2030. In 2021, ACEN announced its commitment to achieve Net Zero greenhouse gas emissions by 2050. This will involve the early retirement of its remaining coal plant by 2040 and transition the company’s generation portfolio to 100% renewable energy by 2025.

www.acenrenewables.com

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