General Announcement::ACEN to raise ownership in UPC\AC Renewables Australia to 100%

Issuer & Securities

Issuer/ Manager
AC ENERGY FINANCE INTERNATIONAL LIMITED
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
19-Oct-2021 12:16:51
Status
New
Announcement Sub Title
ACEN to raise ownership in UPC\AC Renewables Australia to 100%
Announcement Reference
SG211019OTHRI2VU
Submitted By (Co./ Ind. Name)
AC Energy and Infrastructure Corporation / Irene Maranan
Designation
Head, Corporate Communications and Sustainability
Effective Date and Time of the event
18/10/2021 00:00:00
Description (Please provide a detailed description of the event in the box below)
October 18, 2021 - AC Energy Corporation (PSE: ACEN), Ayala group's listed energy platform, today announced the Board's approval to acquire the remaining 51.6% stake in UPC\AC Renewables Australia joint venture. This transaction will raise ACEN's ownership in the renewables development platform to 100%.

ACEN, through its subsidiary AC Renewables International Pte Ltd, will acquire the interest of its joint venture partner UPC Renewables Asia Pacific Holdings and Mr. Anton Rohner ("the Sellers") in UPC\AC Renewables Australia for a total consideration of US$ 243.3 million, subject to adjustments. The Sellers will in turn subscribe to up to 942 million common shares of ACEN with a subscription price of P11.32/share, subject to adjustments. The acquisition is subject to satisfaction of agreed conditions precedent, and consents and regulatory approvals, including the consent or non-objection of the Foreign Investment Review Board of Australia.

Since its formation in 2018, UPC\AC Renewables Australia has developed over 8,000 MW of renewable energy pipeline across New South Wales, Tasmania, Victoria, and South Australia and is currently constructing the 520 MW New England Solar Farm.

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About ACEN

AC Energy Corporation (PSE: ACEN) is the listed energy platform of the Ayala Group. The company has ~2,600 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. The company's renewable share of capacity is at 80%, 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 5,000 MW of renewables capacity by 2025.

www.acenergy.com.ph

For inquiries and more information, please contact:

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

Attachments

PR ACEN to raise ownership in UPC AC Renewables Australia to 100 vF.pdf
Total size =174K