General Announcement::Statement of AC Energy Philippines on the Power Barge Accident in Iloilo, Philippines

Issuer & Securities

Issuer/ Manager
AC ENERGY FINANCE INTERNATIONAL LIMITED
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
06-Jul-2020 18:29:02
Status
New
Announcement Sub Title
Statement of AC Energy Philippines on the Power Barge Accident in Iloilo, Philippines
Announcement Reference
SG200706OTHRC08O
Submitted By (Co./ Ind. Name)
AC Energy, Inc. / Irene Maranan
Designation
Head, Corporate Communications and Sustainability
Effective Date and Time of the event
03/07/2020 15:00:00
Description (Please provide a detailed description of the event in the box below)
AC Energy Philippines, Inc.'s ("ACEPH") Power Barge 102 located in Barrio Obrero, Iloilo City, Philippines figured in an accident that led to the discharge of fuel oil at around 3:00 p.m. on July 3, 2020. The root cause is yet to be determined, but initial findings reveal that the discharge is attributable to ignition of fuel oil in storage which ruptured the barge's fuel tank. ACEPH immediately activated containment protocols through containment booms but due to strong ocean waves, some of the fuel oil escaped the confinement area. The leakage was contained at around 10:00 p.m. of the same day with the rapid deployment of more than 170 combined personnel of ACEPH and the Philippine Coast Guard with 14 boats and multilayered spill booms from ACEPH, the Coast Guard, Petron, and Global Business Power Corp.

After containment, ACEPH and the Philippine Coast Guard immediately started recovery of the remaining floating residue. Recovery capacity was increased with additional oil skimming equipment from Shell Philippines the following morning and another from ACEPH's Power Barge 103 the next day.

ACEPH has engaged Harbor Star, a leading maritime services provider, to finish the clean-up of both the waters and the coastline, beginning with the inlet areas, followed by the coast, and then any offshore areas to recover and safely disperse any remaining oil residue. Clean-up is estimated to be completed in 10 to 15 days.

Meanwhile, some 120 households within the neighboring area have been relocated to the nearby elementary school in coordination with local government officials, while their surroundings are undergoing clean-up, and as protection against fumes brought by the prevailing winds. ACEPH continues to provide these families with food, health care, PPEs and other necessities, and is working on further relocation to other nearby schools to observe social distancing.

The Risk Reduction and Management Council VI, with representatives from various Philippine government agencies, was convened to discuss the on-going response operations and to activate a management team to focus on the incident. ACEPH continues to coordinate with the relevant government agencies and officials, and its host community who are helping in the containment efforts.

ACEPH will also engage third-party experts to determine the cause of the explosion in order to avoid similar situations in the future.

ACEPH is committed to exert all available means to clean-up any remaining residue as soon as possible and support the affected communities.

ACEPH is an affiliate of AC Energy, Inc. ("ACEI"), with ACEI acquiring a controlling interest in ACEPH in June 2019. ACEPH is a Philippine integrated power solutions company which was founded and incorporated in 1969. One of the early exploration companies in the country, the company has an established power generation portfolio and is a pioneer in the wholesale electricity market.

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About AC Energy

AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines. AC Energy is one of the fastest growing energy companies with ~US$2 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

From a strong local base, AC Energy is expanding rapidly around the region through strategic partnerships and greenfield initiatives. The company aspires to exceed 5 GW of renewables capacity and generate at least 50% energy output from renewables by 2025. In 2019, AC Energy s power portfolio registered an attributable capacity of over 1.8 GW in operation and under construction, spanning projects in the Philippines, Indonesia and Vietnam.

The company increased its attributable energy output in 2019 by 25% to 3,500 Gigawatt hours, of which 50% came from renewable energy sources.

www.acenergy.com.ph

For inquiries and more information, please contact:

Irene Maranan
Head - Corporate Communications and Sustainability
Email : maranan.is@acenergy.com.ph
Contact number: +63 917.5298339