- \n
- AC Energy subsidiary to enter a joint venture
\nwith NEFIN to develop, construct, and operate rooftop solar projects across
\nAsia<\/li>\n - Primary infusion of US$ 10 million investment,
\nwith commitment of further funding for pipeline projects<\/li>\n - Geographies covered include Hong Kong,
\nMalaysia, China, and Taiwan, with potential expansion to other Australasian countries<\/li>\n<\/ul>\n
\n <\/p>\nHONG KONG SAR –\u00a0Media OutReach<\/a>\u00a0– 5 August 2021 –\u00a0AC Energy Corporation<\/a> (ACEN), through its wholly-owned
\nsubsidiary, AC Renewables International (ACRI), has obtained board approval* to
\nenter into a joint venture with NEFIN Holding Limited<\/a> (NEFIN), a leading solar
\nphotovoltaic developer and investor in carbon neutrality solutions. ACEN and
\nNEFIN will establish a 50\/50 joint venture holding company that will develop,
\nconstruct, and operate rooftop solar projects across Asia. <\/p>\n![](\"https:\/\/release.media-outreach.com\/release.php\/Images\/Thumb\/500x0\/167713\/NEFIN.jpg#image-167713\")
<\/p>\n
\n <\/p>\n\ufeff<\/p>\n
\n <\/p>\nThe joint venture will own 21 MW of operating assets and
\nhas a robust near-term project pipeline.\u00a0NEFIN, as an expert in rooftop solar PV system
\nengineering and management, has collectively delivered over 300 MW of
\nutility-scale, commercial, and industrial solar PV systems for itself and its
\nclients. Philippine-based power company, ACEN, has one of the highest
\nrenewables share capacities in Southeast Asia after pivoting to a lower carbon
\nportfolio by developing more renewable energy projects, and a planned
\ndivestment of coal assets. ACEN’s aspiration is to be the
\nlargest listed renewables platform in Southeast Asia, and the company is on
\ntrack to achieve its goal of reaching 5,000 MW of renewables capacity by 2025. The partnership between ACEN and NEFIN is a natural
\nfit, with both businesses anchored on sustainability and with growing renewable
\nenergy capacity.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nACRI’s investment into the joint venture vehicle will
\nbe via a primary infusion of an initial US$ 10 million of fresh funds which
\nwill be used to construct near-term projects over the coming years. ACRI will
\nalso commit to further expand its funding for the development and construction
\nof the rest of the joint venture’s carbon neutrality pipeline.<\/p>\n
\n <\/p>\n“We expect distributed power generation to be an
\nincreasingly important pillar of the global energy transition,” said Patrice
\nClausse, Director of ACRI and COO of ACEN. “We are delighted to announce our partnership
\nwith NEFIN in what will be AC Energy’s first foray into rooftop solar projects
\nas we look forward to roll out more projects throughout the region.” <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nGlenn Lim, CEO and co-founder of NEFIN, adds, “It is
\nour pleasure to partner with ACEN, who shares the same vision with NEFIN. In
\nthe coming future, we will strive to achieve carbon neutrality with more global
\nbusiness partners using innovative methods to play our part to achieve a green
\nrecovery for a sustainable world together.”<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nACEN, together with NEFIN, has a strong commitment
\ntowards sustainability which is aligned with the UN Sustainable Development
\nGoals. Guided by ACEN’s Environmental & Social (E&S) policy on having a
\nlow carbon portfolio by 2030, protecting the environment and investing in
\ncommunities, and NEFIN’s emphasis on ESG principles in investments, the joint
\nventure plans to invest in socially responsible and commercially viable
\nprojects through innovative technological approaches that assist corporations
\nto achieve a green recovery as economies pick up after the pandemic. <\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nDBS Bank Ltd. is the sole financial advisor for NEFIN
\nfor this transaction.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n* Subject to long form definitive documentation<\/p>\n
\n <\/p>\n