General Announcement::ACEN partners with the Puri Usaha group to invest in Suryagen

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
16-May-2022 18:16:07
Status
New
Announcement Sub Title
ACEN partners with the Puri Usaha group to invest in Suryagen
Announcement Reference
SG220516OTHR45ZS
Submitted By (Co./ Ind. Name)
AC Energy Corporation / Irene S. Maranan
Designation
Head, Corporate Communications and Sustainability
Description (Please provide a detailed description of the event in the box below)
ACEN partners with the Puri Usaha group to invest in Suryagen, a renewable energy developer in Indonesia

* New joint venture will develop large scale solar, battery energy storage system and green hydrogen projects in Indonesia
* The joint venture entity will develop projects spanning the BBK islands as well as the East Nusa Tenggara province
* The partnership is the latest in ACEN's string of initiatives to expand its renewable energy generation capacity in the Asia Pacific, now reaching 3,300 MW

May 16, 2022 - ACEN, the Ayala Group's listed energy platform, and the Puri Usaha Group have agreed to work together in a platform for the joint development of groundbreaking renewable energy projects in Indonesia focusing on large-scale solar power plants, battery energy storage system and green hydrogen projects, subject to applicable regulatory approvals and execution of definitive documentation. The proposed joint venture entity is Suryagen Capital Pte. Ltd.

The Suryagen platform covers the Batam, Bintan and Karimun (BBK) islands as well as East Nusa Tenggara province where the majority of the projects that the Puri Usaha Group have been developing are located, with the aim to begin the construction of its first project by 2023.

The Puri Usaha Group, was instrumental in the formation of a consortium to participate in the recently announced ambitious cross border initiative to import renewable energy from Indonesia for the Singaporean market, which is currently being run by the Energy Market Authority of Singapore. The historic project which aims to build renewable power in Indonesia and export the power to Singapore via a subsea cable will be the first project the Suryagen platform intends to develop.

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About ACEN (Formerly AC Energy)

ACEN is the listed energy platform of the Ayala Group. The company has ~3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. The company's renewable share of capacity is at 87%, 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. In October 2021, ACEN announced its commitment to achieve net-zero greenhouse gas emissions by 2050.

www.acen.com.ph

About Puri Usaha Group
Puri Usaha Group (PUG) began its operations in 1999 with a focus on energy related businesses. PUG identifies, develops, and engages in investments in power assets mainly under its subsidiary PT Puri Energi Kencana in Indonesia and Timor Leste. Since 2016, the group has pivoted to renewable energy, with a vision to construct Indonesia's first large scale solar power and green hydrogen facility.

Headquartered in Jakarta and bringing diverse experiences from the private sector, government and state-owned enterprises, PUG is committed to play a key role in achieving Indonesia's energy transition and aspiration to become a leading producer and exporter of renewable energy in Asia.

www.suryagen.id

For inquiries and more information, please contact:

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





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

Suryagen Press Release vF May 16 2022.pdf
Total size =120K