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Total Renewables Capacity 491 MW acquisition of additional stakes in three renewable projects in early 2020: the North Luzon Renewables wind farm in Ilocos Norte and Sacasol and Islasol solar farms in Negros Occidental. These acquisitions, with a total investment of ₱7.4 billion pesos, were earnings accretive given the operational status of the power plants.
To further augment its generating capacity and notwithstanding the pandemic, the company carried out the construction of five projects through 2020 totaling around 374 MW of gross capacity.
These projects include the 120 MW solar project and the 40 MWh battery storag e project in Alaminos, Laguna, the 60 MW solar pro ject in Palauig, Zambales, and the 150 MW qu ick response thermal plant in Pililia, Rizal. Th e company is also constructing a renewable energy laboratory in Mariveles, Bataan equivalent to a 4 MW hybrid solar plant integrated with an energy storage system, which will test various new technologies in solar and battery storage. This will help the company select the best technologies as it scales up its investments in solar and storage in the coming decade.
AC Energy's exceptional performance in 2020 was driven by three factors.
Significantly improved operating efficiencies and reliability.
Significantly improved operating margins.
Successfully completed the acquisition of additional stakes in three renewable projects.
Fernando Zobel de Ayala Chairman John Eric Francia President and CEO.
Enabling Sustainable Recovery 16 AC ENERGY CORPORATION 2020 INTEGRATED REPORT 15.
MESSAGE INTRODUCTION CREATING VALUE GOVERNANCE ANNEXES 2020 HIGHLIGHTS
2025 Outlook AC Energy now has over 1,000 MW of attributable capacity in the Philippines, with almost half of the capacity coming from renewable sources. We expect the share of renewables to significantly grow over time as the company focuses on scaling up its investments in solar and wind farms.
The company has also recently reaffirmed the March 2020 Board decision to infuse the international assets of its parent, AC Energy and Infrastructure Corporation.
The international assets is comprised of approximately 1,400 MW of attributable capacity in operation and under construction across multiple geographies including Vietnam, Indonesia, Australia a nd India. 100% of these capacities are from renewable sources - particularly solar, wind and geothermal.
After the infusion is completed, this will increase AC Energy’s attrib utable capacity to 2,400 MW, of which over 1,800 MW or 77% is from renewable sources. This puts AC Energy in an excellent position to attain its vision of reaching 5 GW of renewables by 2025, and realize its aspiration of becoming the largest listed renewables platform in Southeast Asia.
In order to achieve its bold ambition, the company is further strengthening its balance sheet and augmenting its cash position. In January 2021, the company completed its stock rights offering that raised ₱5.4 billion from the issuance of 2.27 billion primary shares. This was followed by the successful completion of a private placement of 4 billion primary shares to GIC, Singapore’s sovereign wealth fund. The private placement added around ₱11.9 billion of cash, resulting in a total of ₱17.3 billion pesos of additional cash in the first quarter of 2021.
The planned infusion of the international assets and the recent fund raising will further grow the company’s balance sheet by about three and a half times.
Our strong balance sheet is complemented by a robust pipeline of renewable projects, and a highly capable and motivated team. This places AC Energy in an excellent position to play a meaningful role in the green-led recovery and to continue this journey as we all work towards our aspiration of becoming the largest listed renewables platform in Southeast Asia.
We thank the entire AC Energy organization and its management team for a milestone 2020, despite the many challenges. We still have quite a journey ahead towards our full recovery, but encouraged that we have built a solid platform from which to continue our growth as a company, while contributing to the progress of the country.
On behalf of the Board of Directors, the management, and our entire team, our sincere appreciation to our shareholders and our many stakeholders for your continued trust and support. We remain committed to play a meaningful role in the green-led recovery, as we accelerate our investments in the midst of the sustainable energy transition.
Sustainable Transformation.
We aspire to be the largest listed renewables platform in Southeast Asia.
#LALIREPSEA.
MESSAGE FROM THE CHAIRMAN AND THE PRESIDENT.
Enabling Sustainable Recovery 18 AC ENERGY CORPORATION 2020 INTEGRATED REPORT 17.
MESSAGE INTRODUCTION CREATING VALUE GOVERNANCE ANNEXES 2020 HIGHLIGHTS
KEY MILESTONES.
PHINMA ENERGY ACQUISITIONS AND GREENFIELD DEVELOPMENTS.
NET ATTRIBUTABLE CAPACITY.
AC ENERGY PHILIPPINES.
AC ENERGY, INC.
STOCK RIGHTS OFFERING.
TARGET.
INFUSION OF PHILIPPINE ASSETS.
FOLLOW-ON OFFERING AND INFUSION OF INTERNATIONAL ASSETS 2.
Formerly Trans-Asia Oil and Mineral Development Corporation ■ Purchase of 20% stake of Axia Power in SLTEC, and equity interests in NLR, SACASOL and ISLASOL ■ Development of 120 MW solar plant in Alaminos, Laguna, 150 MW diesel plant in Pilillia, Rizal, 60 MW solar plant in Palauig, Zambales, 40 MWh Alaminos Battery Energy Storage System and 4 MW RE Lab in Bataan ■ 51.48% of Phinma Energy acquired and an additional 14.86% subscribed by AC Energy and Infrastructure Corp.
■ Renamed to AC Energy Philippines, Inc. (ACEPH) ■ Renamed to AC Energy Corporation (“ACEN”) ■ Successful completion of ACEN’s Stock Rights Offering (“SRO”) ■ SRO raised approximately ₱5.4B in gross proceeds.
ACEIC transferred rights and interests in its Philippine generation and development assets to ACEPH 1 ■ Private placement by GIC ■ Follow-on offering3 ■ ACEIC to infuse international business and investments into ACEN2 696 MW.
June - September October January 1,034 MW 621 MW 2,400 MW 66.34% OWNERSHIP INTEREST.
Key Milestones 1. Increase in authorized capital stock and subscription via property-for-shares approved by the SEC on 22 June 2020. 2. Expected to be filed and closed in 2021, subject to Board approval, various regulatory approvals and other contingencies. 3. A REGISTRATION STATEMENT RELATING TO THE OFFER SHARES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BEEN DECLARED EFFECTIVE. NO OFFER TO BUY THE OFFER SHARES CAN BE ACCEPTED AND NO PART OF THE PURCHASE PRICE CAN BE ACCEPTED OR RECEIVED UNTIL THE REGISTRATION STATEMENT HAS BECOME EFFECTIVE, AND ANY SUCH OFFER MAY BE WITHDRAWN OR REVOKED, WITHOUT OBLIGATION OR COMMITMENT OF ANY KIND, AT ANY TIME PRIOR TO NOTICE OF ITS ACCEPTANCE GIVEN AFTER THE EFFECTIVE DATE.
2019 2021 1969.
AC ENERGY CORPORATION 2020 INTEGRATED REPORT Enabling Sustainable Recovery 20 19.
MESSAGE INTRODUCTION CREATING VALUE GOVERNANCE ANNEXES 2020 HIGHLIGHTS
GEOGRAPHIC PRESENCE.
Geographic Presence.
Philippine Assets.
International Assets1.
Net Attributable Capacity 1,034 MW.
Renewables.
Including 491 MW.
Operating Plants Under construction.
AC Energy Corporation (PSE: ACEN) is the listed energy platform of the Ayala Group. The company has ~1034 MW of attributable capacity in the Philippines. This is expected to increase with the planned infusion of AC Energy International, which has ~1,400 MW of attributable capacity.
Asia Pacific is just at the very early stage of the energy transition, and AC Energy is in an excellent position to capture these opportunities.
Through its strong network of partners and banking relationships that help accelerate its growth across the region, and its highly motivated, dynamic and agile team that has consistently executed and surpassed expectations, AC Energy is very much on track to realize its aspiration to become the largest listed renewables platform in Southeast Asia.
1. Will be infused into listed platform ACEN, subject to Board and regulatory approvals 2. Includes 40 MW wind for Mui Ne under construction * Map shows installed capacities as of end March 2021, and presents DC capacities for solar projects.
Net Attributable Capacity ~1,400 MW.
Renewables 100% 637 MW combined capacity Salak & Darajat Geothermal Plants.
Map shows installed capacities as of March 2021, using DC capacities for solar projects.
Indonesia.
Vietnam India.
Australia 75 MW Sidrap Wind 52 MW NorthWind 54 MW Guimaras Wind Farm 81 MW North Luzon Renewables 140 MW Sitara Solar 70 MW Paryapt Solar 521 MW New England Solar 80 MW IslaSol 45 MW SacaSol 18 MW MonteSol 60 MW Palauig Solar Plant 120 MW Alaminos Solar Plant 32 MW Maibarara Geothermal Plant 63 MW Biopower 176 MW Luzon Peaking Plants 150 MW Ingrid Peaking Plant 4 MW Bataan RE Lab 244 MW SLTEC 48 MW Power Barges 88 MW Ninh Thuan Wind 210 MW Quang Binh Wind 80 MW Mui Ne Wind2 60 MW Lac Hoa & Hoa Dong Wind 405 MW Ninh Thuan Solar 80 MW Khanh Hoa & Dak Lak Solar 1% Geothermal 24% Coal 30% Diesel 29% Solar 14% Wind 29% Under Construction 71% Operational.
Technology.
Operating Status 4% Other 40 MWh Alaminos BESS.
AC ENERGY CORPORATION 2020 INTEGRATED REPORT Enabling Sustainable Recovery 22 21.
MESSAGE INTRODUCTION CREATING VALUE GOVERNANCE ANNEXES 2020 HIGHLIGHTS
HOW WE CREATE VALUE 25.
Our Sustainability Focus Areas 27.
A Low Carbon Portfolio by 2030 31.
Protecting the Environment 35.
Community Investments 41 43.
Value Creation Stakeholder Engagement.
How We Create Value.
Enabling Sustainable Recovery 24 AC ENERGY CORPORATION 2020 INTEGRATED REPORT 23.
MESSAGE INTRODUCTION GOVERNANCE ANNEXES CREATING VALUE 2020 HIGHLIGHTS
Green Finance Leadership.
In 2020, AC Energy's parent, AC Energy & Infrastructure Corporation (ACEIC) was cited as the largest issuer of green bonds in the Philippines, with four tranches of green bonds outstanding rangi ng in size from US$ 75 million to US$ 400 million. As of end 2020, 70% of the green bonds have been deployed to the company's various renewable energy projects. In the Philippines, the bonds have funded two new greenfield solar projects in Alaminos, Laguna and Palauig, Zambales.
AC Energy’s commitment to sustainability is linked to its corporate strategy and vision, and aligned with the UN Sustainable Development Goals. Guided by its Environmental & Social (E&S) Policy, the company’s sustainability framework is built on three focus areas embedded across its business operations, governance, and culture: having a low carbon portfolio by 2030, protecting the environment and investing in communities.
Measuring Our Impact on Sustainability AC Energy started to develop targets and measures to help drive its sustainability agenda a cross the organization and with it business partners.
Sustainability is fully integrated in the company’s strategy. In March 2020, AC Energy announced the board approval of its E&S Policy, incorporating sustainability in its business and organization. At the core of the policy is the company’s transition to a low carbon portfolio and divestment of its coal plants by 2030.
AC Energy also established a management system that incorporates global best practices in biodiversity management, circular economy, community relations, and organizational diversity, well-being, and safety.
AC Energy and the TCFD In Q1 2021, AC Energy signed up as a supporter of the Task Force for ClimateRelated Financial Disclosures. The TCFD was established by the Financial Stability Board to develop voluntary, consistent, climate-related financial disclosures that would be useful to investors, lenders and insurance underwriters in understanding material climate risks. These disclosures revolve around four thematic areas: governance, strategy, risk management, and metrics and targets.
We focus on these SDG areas where we believe we can make the most difference and are most relevant to our business.
Our Priority SDGs.
SDG 15 Life on Land.
SDG 7 Affordable and Clean Energy.
SDG 13 Climate Action.
SDG 8 Decent Work and Economic Growth.
SDG 9 Industry, Innovation and Infrastructure.
OUR SUSTAINABILITY FOCUS AREAS.
Our Contribution to the Sustainable Development Goals.
We remain strongly committed to our vision of a sustainable future.