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
39,677,394,773
Series A Preferred Shares
8,341,500
Series B Preferred Shares
16,658,500
11. Indicate the item numbers reported herein
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 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
ACEN's Clarification of News Report dated 02 December 2024
Source
Business.Inquirer.Net
Subject of News Report
ACEN set to replace coal plant with $1.5-B solar facility
Date of Publication
Dec 2, 2024
Clarification of News Report
In response to your letter dated 02 December 2024 to ACEN Corporation, we confirm the accuracy of the information cited in the news article quoted below. However, we would like to note that these management plans are still subject to final Board and relevant regulatory approvals.
“ACEN set to replace coal plant with $1.-5-B solar facility
Ayala-backed ACEN Corp. is keeping its aggressive renewable buildup with a planned $1.5-billion investment targeted to finance a massive solar farm and energy storage system.
According to ACEN senior vice president and head of corporate communications and sustainability Irene Maranan, the mid merit integrated renewables and energy storage system (Iress) would replace the 246-megawatt (MW) South Luzon Thermal Energy Corp. (SLTEC)coal plant in Batangas, which the group hopes to shut down by 2030.
“We’re looking at $1.5 billion as capex (capital expenditures) for the Iress,” she told the Inquirer on the sidelines of Hybrid Energy: Bridging the Transition to Renewables last Friday.
A portion of the budget would come from revenues to be generated from selling transition credits. Additional funds are expected from its partnership with investment firm Temasek and Singapore’s Keppel Ltd.
Transition credits are a financing approach used to fund the phaseout of coal plant assets while pursuing replacement facilities that use renewable energy. ACEN earlier teamed up with the Rockefeller Foundation and Monetary Authority of Singapore to pilot the use of transition credits.
Maranan said the Iress would feature a 1,400-megawatt peak (MWp) solar plant to be integrated with a 1,600-megawatt-hour (MWh) battery energy storage system.
‘Reliable Power
She said the planned development was “oversized” and meant to provide “reliable and dispatchable power” to meet the grid’s needs.
“The foregone coal plant output is matched 100 percent. The impact on the grid is negligible given that the renewables’ intermittency is mitigated by the energy storage system,” the official said in her speech.
Since the group wants to retire the SLTEC by 2030—10 years earlier than scheduled—the executive said construction works for Iress must start by 2027 or 2028.
“Before 2030, we should be able to have about one phase or two phase[s] ready, completed and already supplying to the grid,” she said.
ACEN, however, has yet to decide on the location of the project.
Maranan also said ACEN has been in close coordination with the Department of Energy for the Iress plan, but noted it has yet to secure a notice to proceed from the agency.
Currently, ACEN has expanded its renewable capacity to 6.8 gigawatts (GW). It hopes to scale this up to 20 GW by 2030.”
Furthermore, we would like to emphasize that the plan to retire SLTEC by 2030 is contingent upon the feasibility and availability of transition credits.
We hope we have sufficiently responded to the Exchange’s letter.
Other Relevant Information
Please see the attached ACEN's letter dated 02 December 2024.
ACEN CORPORATIONACEN