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) Apr 27, 20222. SEC Identification Number 392743. BIR Tax Identification No. 000-506-020-0004. Exact name of issuer as specified in its charter AC Energy Corporation5. Province, country or other jurisdiction of incorporation Makati City, Philippines6. 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 CityPostal Code12268. Issuer's telephone number, including area code (02) 7730 63009. Former name or former address, if changed since last report N/A10. 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
38,315,838,177
11. Indicate the item numbers reported herein N/A
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.
AC Energy CorporationACEN
PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
Clarification of the news article in Manila Bulletin (Online Edition) on April 26, 2022 entitled, "ACEN sets P900-B capital for massive RE pipeline"
This is in response to your request for clarification of the news article entitled "ACEN sets P900-B capital for massive RE pipeline" posted in Manila Bulletin (online edition) on April 26, 2022. The article reported in part that:
"To bring its planned 18,000 megawatts of renewable energy (RE) ventures into fruition, Ayala-led ACEN Corporation is penciling in a mammoth $18 billion, approximately P900 billion, capital outlay for the targeted solar and wind farm installations in Asian markets.
ACEN President and CEO Eric T. Francia, in a briefing with the media, explained that the rule of thumb for solar and wind projects could be in the vicinity of $1.0 million per megawatt, hence, the whole RE development pipeline will entail colossal investments of $18 billion.
Francia said that 'a lot' of the planned 18,000MW would come from projects under construction and ultimately under operation. 'But some of that will take a long time,' Francia noted.
He explained that the parallelism to that is the land banking done in the real estate sector, or the process or aggregating parcels of land that will be utilized for future property developments. 'Like the land bank of real estate, we think of the (RE) pipeline as a de facto land bank,' Francia said.
. . . ."
The Company confirms the accuracy of the quotes attributed to ACEN President and CEO Eric Francia.
However, we would like to clarify the title, "ACEN sets P900-B capital for massive RE pipeline". While the whole 18GW RE development pipeline will entail investments of ~$18 billion, based on a $1.0 million per megawatt rule of thumb cost for solar and wind projects, the Company has not set any capital commitment for the entire 18GW. The 18GW pipeline includes projects that are: (1) in various stages of development, and (2) subject to relevant Board and partner approvals. As mentioned in the article, "'some of that will take a long time."
The Company has budgeted Php 55 billion for capital expenditures in 2022, which includes the cost of completing existing projects and building new ones in addition to the existing portfolio. The capex for succeeding years will depend on projects that will be approved by the Board of Directors of the Company.
Other Relevant Information
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Filed on behalf by:
Name
Alan Ascalon
Designation
Vice President/ Asst. Corporate Secretary
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AC Energy Corporation published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 05:54:02 UTC.
ACEN Corporation is a Philippines-based company, which is engaged in power generation and trading, oil and mineral exploration, development and production. It organized into three business units. Philippines business unit includes Retail Electricity Supply (RES) or Commercial Operations (CO); Renewables, which is engaged in generation, transmission, distribution and supply of electricity using renewable sources, such as solar, wind and geothermal resources; Thermal, which is engaged in generation, transmission, distribution and supply of electricity using conventional way of energy generation; Project development; Leasing; bulk water supply; and Petroleum and exploration. International business unit represents the operations of ACRI, which is the holding company for all offshore investments. Parent and Others business unit represents operations of the Parent Company (excluding RES/CO) and ACE Shared Services, Inc. This also includes interest expense incurred by ACEN Finance Limited.
ACEN CORPORATION 
