PROJECT

Projects

Summary of Investment Information

Project Number

40227

Company Name

AC ENERGY, INC.

Date SPI Disclosed

Feb 11, 2019

Country

Viet Nam

Region

East Asia and the Pacific

Projected Board Date

Jan 29, 2019

Environmental Category

B - Limited

Status

Completed

Last Updated Date

May 2, 2024

Department

Regional Industry - INF Asia & Pac

Industry

Infrastructure

Previous Events

Approved : Jan 29, 2019
Signed : Jan 31, 2019
Invested : Feb 12, 2019

Sector

Renewable Energy Holding Companies

Project Description

AC Energy, Inc. (“ACE” or the “Company”) is a wholly-owned subsidiary of Ayala Corporation (“Ayala”) in the Philippines that engages in power generation. Since 2011, ACE has invested around US$1 billion in the power sector in the Philippines, Indonesia and, more recently, in Vietnam and Australia. It currently co-owns ~4GW (~1.8GW pro-rata share) of generation capacity in operation or under construction, including thermal, wind and solar assets in the Philippines, wind and geothermal assets in Indonesia, as well as solar assets in Vietnam. 

IFC will make an anchor investment of US$75 million in the total US$300 million 5-year green bond (the “Green Bond”) public issuance by AC Energy Finance International Limited (the “Issuer”), a Cayman Islands wholly-owned subsidiary of ACE, listed on the Singapore Exchange. ACE will guarantee the Green Bond. The proceeds of the Green Bond will be used as ACE’s equity and development capital for its renewable energy (“RE”) projects in the Philippines, Indonesia, Vietnam, Australia, and in other countries where ACE may operate. IFC’s subscription to the Green Bond would be dedicated to RE projects in Vietnam only.

Associated Advisory Engagement

                      

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation