AC Energy and NEFIN Joint Venture to Offer Carbon Neutrality Solutions Across Asia

• AC Energy subsidiary to enter a joint venture
  with NEFIN to develop, construct, and operate rooftop solar projects across
  Asia
• Primary infusion of US$ 10 million investment,
  with commitment of further funding for pipeline projects
• Geographies covered include Hong Kong,
  Malaysia, China, and Taiwan, with potential expansion to other Australasian countries

HONG KONG SAR – Media OutReach – 5 August 2021 – AC Energy Corporation (ACEN), through its wholly-owned
subsidiary, AC Renewables International (ACRI), has obtained board approval* to
enter into a joint venture with NEFIN Holding Limited (NEFIN), a leading solar
photovoltaic developer and investor in carbon neutrality solutions. ACEN and
NEFIN will establish a 50/50 joint venture holding company that will develop,
construct, and operate rooftop solar projects across Asia.



The joint venture will own 21 MW of operating assets and
has a robust near-term project pipeline. NEFIN, as an expert in rooftop solar PV system
engineering and management, has collectively delivered over 300 MW of
utility-scale, commercial, and industrial solar PV systems for itself and its
clients. Philippine-based power company, ACEN, has one of the highest
renewables share capacities in Southeast Asia after pivoting to a lower carbon
portfolio by developing more renewable energy projects, and a planned
divestment of coal assets. ACEN’s aspiration is to be the
largest listed renewables platform in Southeast Asia, and the company is on
track to achieve its goal of reaching 5,000 MW of renewables capacity by 2025. The partnership between ACEN and NEFIN is a natural
fit, with both businesses anchored on sustainability and with growing renewable
energy capacity.

ACRI’s investment into the joint venture vehicle will
be via a primary infusion of an initial US$ 10 million of fresh funds which
will be used to construct near-term projects over the coming years. ACRI will
also commit to further expand its funding for the development and construction
of the rest of the joint venture’s carbon neutrality pipeline.

“We expect distributed power generation to be an
increasingly important pillar of the global energy transition,” said Patrice
Clausse, Director of ACRI and COO of ACEN. “We are delighted to announce our partnership
with NEFIN in what will be AC Energy’s first foray into rooftop solar projects
as we look forward to roll out more projects throughout the region.”

Glenn Lim, CEO and co-founder of NEFIN, adds, “It is
our pleasure to partner with ACEN, who shares the same vision with NEFIN. In
the coming future, we will strive to achieve carbon neutrality with more global
business partners using innovative methods to play our part to achieve a green
recovery for a sustainable world together.”

ACEN, together with NEFIN, has a strong commitment
towards sustainability which is aligned with the UN Sustainable Development
Goals. Guided by ACEN’s Environmental & Social (E&S) policy on having a
low carbon portfolio by 2030, protecting the environment and investing in
communities, and NEFIN’s emphasis on ESG principles in investments, the joint
venture plans to invest in socially responsible and commercially viable
projects through innovative technological approaches that assist corporations
to achieve a green recovery as economies pick up after the pandemic.

DBS Bank Ltd. is the sole financial advisor for NEFIN
for this transaction.

* Subject to long form definitive documentation