General Announcement::ACEN and BIM Group's Vietnam wind farm gets US$107 million financing boost

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
18-Jan-2023 12:01:58
Status
New
Announcement Sub Title
ACEN and BIM Group's Vietnam wind farm gets US$107 million financing boost
Announcement Reference
SG230118OTHRN7AK
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)
* Financing package will support the two companies' first wind project and second joint venture in Vietnam, the 88 MW Ninh Thuan Wind development
* An addition to ACEN's portfolio of operating wind projects in Vietnam with an aggregate capacity of 420 MW
* ACEN's strong relationship with lenders proved significant in its renewables scale up across the Asia Pacific towards its Net Zero goal

17 January 2023 - ACEN, Ayala group's listed energy platform, and the BIM Group, through their respective subsidiaries, recently announced that the companies' joint venture development, the 88 MW Ninh Thuan wind farm located in South Central Vietnam, received an innovative US$107 million financing package from the Asian Development Bank (ADB) and parallel lenders in support of the plant's operations and the partners' common goal to aid the country reach its climate action targets.

The project financing is arranged and syndicated by ADB as mandated lead arranger and bookrunner, with the lending group comprised of ADB, Japan International Cooperation Agency, Hong Kong Mortgage Corporation Limited, Sumitomo Mitsui Banking Corporation, ING Bank, and Cathay United Bank.

Leveraging on Vietnam's strong wind resource potential, ACEN jointly developed wind projects with its long-time partners in the country, including the BIM Group. Their joint project, the Ninh Thuan Wind farm, commenced operations in September 2021, and is expected to produce 339 GWh of renewable energy per year that can help avoid 215,000 tonnes of CO2 emissions annually.

ADB will also grant Ninh Thuan Wind farm an additional US$5 million grant from the Goldman Sachs and Bloomberg Philanthropies-backed Climate Innovation and Development Fund. The grant will be used for initiatives to safeguard environmental and social risk.

With ACEN's rapid progress in the development of its projects in Vietnam, the company moves even closer toward its aim to accelerate the energy transition in the region, and achieve its bold vision to reach 20 GW of renewables capacity by 2030.

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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 BIM Group

Established in 1994, BIM Group is currently a leading private conglomerate in Vietnam. With a long-term strategic vision, BIM Group focuses focusing on 4 main activities including real estate, renewable energy, aquaculture & foods, consumer & lifestyle.

Pioneering in investment fields which are closely associated with the local community, BIM Group develops high-quality products and services that are good for the environment contributing to promoting Vietnam's sustainable growth.

About ADB

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members 49 from the region.

ADB is an active partner in Vietnam's development community, working closely with all relevant development partners, including the United Nations, World Bank, IMF and other bilateral organizations. ADB's Country Partnership Strategies (CPS) for Vietnam 2023-2026 will focus on fostering inclusive, green, and private sector-led growth; and building the foundation for achieving the goal of becoming an upper middle-income country (UMIC) by 2030. The strategy has two main pillars. The first pillar focuses on supporting Viet Nam's transition to a green economy. The second pillar concentrates on harnessing the country's private sector and promoting social equity.

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

PR - ACEN and BIM Groups Vietnam wind farm gets $107 million financing boost from ADB_JICA_vF.pdf
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