C08750-2023

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)
Dec 15, 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
Series A Preferred Shares 8,341,500
Series B Preferred Shares 16,658,500
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 Barito enter new partnership in Indonesia wind projects
Background/Description of the Disclosure

15 December 2023 – PT Barito Wind Energy (Barito Wind), a subsidiary of Barito Renewables, and ACEN Renewables International, through its subsidiary, ACEN Investments HK Limited (ACEN HK), announced today the signing of a Sale and Purchase Agreement (SPA) with UPC Renewables Asia Pacific Holdings for the acquisition of late-stage wind development assets in Indonesia.

Under the terms of the agreement, Barito Wind will own 51% of the three development assets, while ACEN HK will own the remaining 49%. The three late-stage wind development assets, with a combined potential capacity of 320 MW, are located in South Sulawesi (Sidrap 2), Sukabumi and Lombok provinces in Indonesia.

Indonesia has pledged to reach net zero emissions by 2060, which includes a commitment to increase the country’s renewable energy output to 23% by 2025. The country has also introduced its sustainable energy transition plan in the G20 Summit in Bali last year and was welcomed by the international community.

Furthermore, Barito Wind and ACEN are in discussions to form a long-term partnership to collaborate on additional wind energy projects in Indonesia beyond the three late-stage wind development assets.

Hendra Tan, CEO of Barito Renewables, shared: “Our investment into Sidrap 2, Sukabumi and Lombok, together with our esteemed partner, ACEN, positions us best to tap into Indonesia’s vast wind energy potential and contribute to the country’s renewable energy landscape. Barito Renewables remain steadfast in supporting Indonesia’s pursuit of a net zero future and delivering clean energy locally and globally.”

ACEN and Barito share the same decarbonization initiatives towards helping Indonesia reach its renewable energy targets, aligned with the country’s net zero goal. Barito, through its subsidiary, Star Energy, is also ACEN’s partner in the 663 MW Salak and Darajat Geothermal plant in West Java, Indonesia.

Patrice Clausse, CEO of ACEN International, shared: "Indonesia was our first foray outside of the Philippines, underlining its strategic importance in ACEN's growth story. As a leading player in the renewable energy sector, this significant agreement with Barito Renewables and UPC Renewables marks another milestone in our journey. The potential acquisition aligns perfectly with our growth strategy, particularly in expanding our wind energy footprint in the Asia Pacific region.”

References:
• https://iesr.or.id/en/iesr-indonesia-needs-a-new-strategy-to-achieve-23-renewable-energy-mix-by-2025
• https://www.aseanbriefing.com/news/indonesia-unveils-largest-floating-solar-power-plant-in-southeast-asia/

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 ~4,500 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia 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]


About Barito Renewables
Barito Renewables (IDX: BREN) is the publicly listed renewable energy arm of Barito Pacific Group. The company is geared to expand its portfolio and play a bigger role in supporting Indonesia towards the transition to net-zero. Currently, Barito Renewables owns Star Energy Geothermal, overseeing the Wayang Windu, Salak, and Darajat units situated in West Java. Collectively, these units contribute to a comprehensive installed geothermal capacity of 886 MW.

www.baritorenewables.co.id

For inquiries and more information, please contact:
Angelin Sumendap
Head – Corporate Communications
Email: [email protected]
Filed on behalf by:
Name Alan Ascalon
Designation Vice President/Asst. Corporate Secretary