General Announcement::ACEN and ZEN Energy forge alliance to drive renewable energy expansion in Australia

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
05-Mar-2024 18:33:31
Status
New
Announcement Sub Title
ACEN and ZEN Energy forge alliance to drive renewable energy expansion in Australia
Announcement Reference
SG240305OTHRFZIZ
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)
4 March 2024 - ACEN, through its subsidiary, ACEN Australia, announced today that it has signed a cooperation agreement with Australian-owned ZEN Energy Retail (ZEN Energy) to advance the Power Purchase Agreement documentation for an offtake of up to 220 MW of ACEN Australia's New England Solar project.

Representing up to 52% of the output of New England Solar Stage 1, the new alliance enables New England Solar to ensure a steady revenue stream through the creation and sale of Large-scale Generation Certificates (LGCs), a mechanism used to reduce the cost of renewable energy and encourage the use of clean energy sources. The 11-year agreement will support ZEN Energy in balancing the variable nature of solar power and provide a fixed price assurance.

New England Solar is a 720 MW solar and battery project currently being built in stages near Uralla in the New South Wales (NSW) New England region. Stage 1 (400 MW) commenced generating clean, renewable electricity in NSW and Queensland in 2023. Stage 2 will start construction in 2024. The project is being delivered with the support of host landholders, First Nations and the Uralla community.

ZEN Energy is Australia's first 1.5-deg.C electricity retailer, under the Science-based Targets Initiative (SBTi) and emissions reduction goal. ZEN Energy is committed to forming long-term and sustainable partnerships, delivering its plan in a way that is sensitive to the needs of Australia's First Peoples, nature, and our local communities.

ACEN Australia's renewable platform represents more than 1 GW capacity of large-scale renewable energy generation in construction and operations and more than 8 GW capacity in the development pipeline, with a portfolio including solar, wind, battery, and pumped hydro projects across Australia.

About ACEN

ACEN (PSE:ACEN) is the listed energy platform of the Ayala Group. The company has ~4,800 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 99%, 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.


For inquiries and more information, please contact:

Irene Maranan
Head - Corporate Communications and Sustainability
Email: irene.maranan@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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