General Announcement::ACEN Australia Presses GO on Stubbo Solar Project

Issuer & Securities

Issuer/ Manager
AC ENERGY FINANCE INTERNATIONAL LIMITED
Securities
AC ENER FINUS$110M5.25%N290212 - XS1946107007 - IDTB
AC ENER FINUS$225M4.75%N240129 - XS1940840132 - OEHB
AC ENER FIN US$300M5.1%N - XS2258819874 - RKIB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
07-Nov-2022 12:15:47
Status
New
Announcement Sub Title
ACEN Australia Presses GO on Stubbo Solar Project
Announcement Reference
SG221107OTHR25J4
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)
Renewables developer ACEN Australia has executed key contracts and announced that a final investment decision on the 400 MW (520 MWdc) Stubbo Solar project has been made, allowing the project to fully proceed. This follows on from the signing of the connection agreement with Lumea and execution of a PV module supply contract this week, and the commitment of AUD800 million by parent company ACEN CORPORATION towards the construction of the Stubbo Solar project announced last September.

The 400 MW (520MWdc) solar project is located within the Central-West Orana Renewable Energy Zone in the Mid-Western Regional Council region and will connect to the existing 330 kV network between Wollar and Wellington. The project will produce enough clean, renewable energy to power more than 185,000 average Australian homes. The project's development approval also includes provisions for a 200 MWh battery energy storage system, allowing for the project to later on be adapted to dispatch energy when it is most needed during peak hours and provide important grid stability services.

Stubbo Solar was granted development consent in June 2021 by the NSW Government's Department of Planning and Environment. With construction due to commence in late 2022, Stubbo Solar is expected to create up to 400 jobs during construction and up to 10 ongoing jobs, generating many contracting opportunities for local businesses.

As part of commencing construction, notice to proceed for the road works to site was issued last week to council.

A major step in moving to this committed stage came with the finalisation and signing of the connection agreement with Lumea.

ACEN Australia has more than 1.5 GW of projects under construction or at an advanced stage of development, including the 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, as well as the Robbins Island and Jim's Plain Wind project in North-West Tasmania.

ACEN is the listed energy platform of Philippine diversified group Ayala, with an 18 GW development portfolio throughout the Asia Pacific region. ACEN Australia will use the loan to further develop its portfolio of Australian clean energy assets.

About Lumea

Lumea Pty Limited is Australia's leading infrastructure and energy services provider focused on servicing the renewable energy industry. We bring together essential energy infrastructure services and new technologies to accelerate the energy transition. We are the number one connector of renewable assets to the NEM - 13GW, enough to power 5 million homes. We forecast 40GW by 2030.

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.

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 of 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.


More information
ACEN - visit www.acenrenewables.com
ACEN Australia - visit www.acenrenewables.com.au

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

ACEN presses GO on 400 MW Stubbo solar vF.pdf
Total size =126K