General Announcement::AC Energy Corporation Acquires Direct Interest in ACEN Renewables International

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
31-Mar-2022 12:10:17
Status
New
Announcement Sub Title
AC Energy Corporation Acquires Direct Interest in ACEN Renewables International
Announcement Reference
SG220331OTHRSRCV
Submitted By (Co./ Ind. Name)
AC Energy Corporation / Irene S. Maranan
Designation
Head, Corporate Communications and Sustainability
Effective Date and Time of the event
30/03/2022 00:00:00
Description (Please provide a detailed description of the event in the box below)
AC Energy Corporation ("ACEN") signed a subscription agreement with ACEN Renewables International Pte Ltd ("ACEN International") for ACEN's subscription to 1,402,029 Class E redeemable preferred shares in ACEN International.

ACEN International is a Singapore private company limited by shares that has interests in various renewable energy and development companies and projects in Indonesia, Vietnam, India, Australia, and other countries. ACEN, through wholly owned subsidiary AC Energy International, Inc., is the controlling shareholder of ACEN International.

The proceeds from ACEN's subscription will be used to fund ACEN International's projects.

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About ACEN

ACEN is the listed energy platform of the Ayala Group. The company has over 3,000 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. In October 2021, ACEN announced its commitment to achieve net-zero greenhouse gas emissions by 2050.