• Series of acquisitions to increase ACEN’s renewables attributable capacity by ~50 MW, and add ~1,300 MW of renewables pipeline in the Philippines
  • ACEN to increase ownership in three wind farms:
    – 81 MW North Luzon Renewables, Ilocos Norte from 67% to 78%
    – 160 MW Pagudpud Wind, Ilocos Norte from 85% to 100%
    – 52 MW NorthWind, Bangui, Ilocos Norte from 68% to 100%
  • ACEN to also acquire all of UPC Philippines’ development assets totaling ~1,300 MW

October 19, 2021 – AC Energy Corporation (PSE: ACEN), Ayala group’s listed energy platform, approved the acquisition of its partners’ stake in Northwind Power Development Corporation (“Northwind”) and all the Philippine operating and development assets of UPC Philippines Wind Investment Co. B.V. (“UPC Philippines”).

ACEN will increase its stake in Northwind to 100% through the acquisition of the 32.2% interest of its partners (the “Northwind Sellers”) for a total consideration of up to ₱1.093 billion, subject to adjustments. The Northwind Sellers, in turn, will subscribe to up to 90 million shares of ACEN at a subscription price of up to ₱11.32 per share, subject to adjustments.

Known as the Bangui Windmills, NorthWind is the first wind farm in Southeast Asia that started commercial operations in 2005. The Bangui Windmills was also the first renewable energy project of ACEN.

ACEN will also acquire the ownership of UPC Philippines and Stella Marie L. Sutton in various energy companies, including all of UPC Philippines’ interests in North Luzon Renewables (the owner of the operating 81 MW Caparispisan wind farm), Bayog Wind Power Corp. (the owner of the 160 MW Pagudpud Wind that is under construction) and various renewable energy projects under development. ACEN will purchase these assets for a total consideration of up to ₱4.5 billion, subject to adjustments. UPC Philippines, in turn, will subscribe to up to 390 million shares of ACEN at a subscription price of up to ₱11.32 per
share, subject to adjustments.

With the acquisition of UPC Philippines’ shares, ACEN will take full ownership of the 160 MW Pagudpud Wind and raise its stake in the 81 MW North Luzon Renewables wind farm to ~78%. The acquisition also includes UPC Philippines’ renewable development pipeline totaling ~1,300 MW.

“We have had excellent relationship and outcomes with our partners from Northwind and UPC Philippines, and would like to thank our partners for the trust and collaboration all these years,” said ACEN President and CEO Eric Francia. “These transactions enable us to leverage synergies across the ACEN portfolio and allow our partners to benefit from ACEN in the long long-term.”

“As we set our sights on expanding our scale and efficiency, these acquisitions will prove to be an important catalyst in meaningfully expediting the shift to renewables,” said Jose Maria Zabaleta, ACEN’s Chief Development Officer. “The additional ~1,300 MW of renewables pipeline and expanded operations will accelerate our sustainable growth towards developing high value renewable energy projects.”

The acquisitions are subject to definitive documentation, and compliance with agreed conditions precedent as well as applicable consents and regulatory approvals.