C03617-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
May 9, 2023
2. SEC Identification Number
39274
3. BIR Tax Identification No.
000-506-020-000
4. Exact name of issuer as specified in its charter
ACEN CORPORATION
5. Province, country or other jurisdiction of incorporation
Makati City, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
35th Floor, Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati Avenue, Makati City Postal Code 1226
8. Issuer's telephone number, including area code
(02) 7730 6300
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 39,677,394,773
11. Indicate the item numbers reported herein
Item 9 - Other Events

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

ACEN CORPORATIONACEN

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

ACEN and AMI Renewables move ahead in the development of Vietnam’s first grid-connected battery energy storage system
Background/Description of the Disclosure

AMI AC Renewables, through its subsidiary, AMI Khanh Hoa, signed a memorandum of understanding with Honeywell to collaborate on a 7.5 MWh battery energy storage system (BESS) pilot project in Khanh Hoa, Vietnam.

Co-funded by a grant from U.S. Mission Vietnam, the pilot project will demonstrate how energy storage can help Vietnam integrate more renewable energy into its power system to meet ambitious climate goals. First announced at the annual U.S.-Vietnam Energy Security Dialogue, the project plans to use a Honeywell energy storage system integrated into a 50-MWp solar farm operated by AMI Khanh Hoa.

AMI AC Renewables is a joint venture between ACEN and AMI Renewables. Since 2017, the company has been developing and operating renewable energy projects in Vietnam, which include the 252 MW wind project in Quang Binh and the 80 MW solar plants in Khanh Hoa and Dak Lak.

In October 2021, U.S. Mission Vietnam awarded AMI AC Renewables a grant of USD2.9 million to spearhead and develop the project.

The BESS project aims to demonstrate the commercial viability of battery energy storage in Vietnam and showcase the practical benefits of renewable energy, including its reliability and efficiency. It also seeks to help Vietnam meet its climate action targets.

Nguyen Nam Thang, AMI AC Renewables CEO, said: “We would like to thank the U.S. Mission Vietnam and its teams for trusting us and providing strong support on all grounds to implement the project. We would also like to thank Honeywell for exchanging and cooperating with us to bring modern U.S. BESS technology to Vietnam.”

“The success of the BESS project at AMI Khanh Hoa will be among the achievements for the bilateral cooperation relationship in technological, technical, and economic development between the U.S. and Vietnam, and help contribute to Vietnam’s target of Net Zero emissions by 2050,” he added.

Ramanathan Valliyappan, general manager of Honeywell Process Solutions Asia Pacific, said: “Battery energy storage solutions are vital to advancing sustainability efforts. We look forward to collaborating with AMI AC Renewables to extend renewable energy availability from the Khanh Hoa solar farm beyond hours when there is no sunlight. Honeywell’s BESS Platform improves grid stability and sustainability and decreases costs and carbon footprint by reducing the need for non-renewable baseload power sources.”

U.S. Consul General Susan Burns, who witnessed the signing ceremony, said: “The U.S. Mission is proud to support this project as part of our commitment to a Just Energy Transition Partnership (JETP) with Vietnam. By leveraging advanced energy storage technology, we can work together to accelerate the clean energy transition and build a climate-resilient future.”

Energy storage is a key element of the Just Energy Transition Partnership between Vietnam and its international partners to support the country in its Net Zero ambition by 2050.

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.
Other Relevant Information

About ACEN

ACEN (PSE:ACEN) is the listed energy platform of the Ayala Group. The company has ~4,200 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, India, and India, 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

For inquiries and more information, please contact:

Irene Maranan
Head – Corporate Communications and Sustainability
Email: [email protected]
Filed on behalf by:
Name Alan Ascalon
Designation Vice President/Asst. Corporate Secretary