General Announcement::ACEN Australia welcomes NSW Government support for long duration renewable energy storage facility

Issuer & Securities

Issuer/ Manager
ACEN FINANCE LIMITED
Securities
ACEN FIN US$400M4%N - XS2382032956 - ZDJB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
19-Jan-2023 12:15:35
Status
New
Announcement Sub Title
ACEN Australia welcomes NSW Government support for long duration renewable energy storage facility
Announcement Reference
SG230119OTHR0N3N
Submitted By (Co./ Ind. Name)
ACEN CORPORATION / Irene S. Maranan
Designation
Head, Corporate Communications and Sustainability
Description (Please provide a detailed description of the event in the box below)
* 12-hour duration renewable energy storage project proposed within NSW's Central-West Orana Renewable Energy Zone
* If found viable and constructed, the pumped hydro energy storage project will complement renewable energy projects, providing energy when the sun isn't shining and when the wind isn't blowing
* Calling for community and stakeholder inputs in the new year to help shape the project

18 January 2023 - ACEN Australia, with the support of the NSW Government, is thrilled to be progressing feasibility studies for the proposed Phoenix Pumped Hydro Project, a large-scale, long duration renewable energy storage facility.

Following a competitive selection process, Phoenix Pumped Hydro has been selected by EnergyCo and WaterNSW to receive feasibility funding to determine if it can support NSW energy security, help replace retiring coal-fired generation capacity, and support the achievement of the NSW Government's renewable energy objectives outlined in the NSW Electricity Strategy.

The project is being supported by the NSW Government through WaterNSW's Renewable Energy and Storage Program, and also through AU$7 million in feasibility study funding by EnergyCo under its Pumped Hydro Recoverable Grants Program.

The 800 MW, 12-hour duration storage project is proposed within NSW's Central-West Orana Renewable Energy Zone and, if found feasible and constructed, will offer energy storage solutions to support several nearby wind and solar assets.

Renewable energy is rapidly moving ahead in Australia. Storing energy for later use is critical to embedding it into a reliable national electricity supply. Pumped hydro energy and storage will benefit NSW, enabling dispatchable energy generators to complement renewable energy projects, providing energy when the sun isn't shining and when the wind isn't blowing.

Should the project be found viable, Phoenix Pumped Hydro is expected to commence construction in 2025 and be operational before 2030, aligning with NSW Government's target of at least 2 GW of new long duration storage by 2030.

ACEN Australia has more than 1.5 GW of projects under construction or at an advanced stage of development, including New England Solar, New England Battery, Stubbo Solar, and Valley of the Winds projects in the NSW New England and Central-West Orana Renewable Energy Zones. In addition, ACEN Australia is developing Robbins Island and Jim's Plain Wind and North East Wind in Tasmania.

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About ACEN

ACEN is the listed energy platform of the Ayala Group. The company has ~4,000 MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98%, 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 of renewables capacity by 2030. ACEN is committed to transition the company's generation portfolio to 100% renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.

www.acenrenewables.com

About ACEN Australia

ACEN has been a partner of UPC Renewables in Australia since 2018. In 2021, ACEN began a transaction to eventually own 100% of UPC\AC Renewables by early 2023; with this transaction, the company is now called ACEN Australia. This marks a strategic pivot for ACEN as it embarks on its first wholly owned development and operations platform outside of the Philippines.

For inquiries and more information, please contact:

Irene Maranan
Head - Corporate Communications and Sustainability
Email: maranan.is@acenrenewables.com

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.

Attachments

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