AC Energy Green Bond

completed

 Ayala Corporation (“Ayala” or the “Group” - www.ayala.com.ph) is one of the oldest and most diversified business conglomerates in the Philippines with operations in real estate, electronics, utilities, the automotive sector, banking, insurance, telecommunications, transportation and food – and an existing IFC client. AC Energy (“ACE” or “the company”) is the energy platform of Ayala that aspires to develop 5 GW of attributable capacity and generate at least fifty percent of energy from renewables by 2025. ACE’s business model mainly consists of the development of renewable energy viz., wind and solar projects. While ACE’s ownership varies from project to project, it usually assumes an active leading role in design, construction, and operation depending on the project stage. The company currently has a total of 18 renewable energy projects at different stages of development – from planning to operation – in the Philippines, Vietnam, Indonesia and Australia – comprising of wind, solar and geothermal assets with a total generation capacity of over 3,300 MW.IFC is considering an investment of up to 100 million USD in a green bond, to be issued as a public capital markets instrument, likely in Singapore. The proceeds of IFC’s financing will be towards ACE’s investments for the development of selected wind and solar energy sub-projects together with local developmental partners, mainly in Vietnam. Use of IFC proceeds under this investment will target sub-projects with limited adverse environmental and social impacts. Some of the sub-projects preliminarily identified for potential use of IFC proceeds include the five projects listed below, which are being developed with local partners viz. BIM Energy and The Blue Circle (TBC): Sub-Project TypeMWStageAreaLocationBIM EnergySolar30Under construction 34.8 haPhuoc Minh, Ninh Phuoc District, Ninh Thuan Province, Vietnam 11°26'28.13N 108°53'59.45EBIM RenewableSolar50Under construction~65 haPhuoc Minh, Ninh Phuoc District, Ninh Thuan Province, Vietnam  11°23'50.89N 108°52'53.38E BIM Wind Wind50-200Under PlanningTBDPhuoc Minh, Ninh Phuoc District, Ninh Thuan Province, Vietnam  11°25'0.56N 108°52'47.35ETBC Dai PhongWind40Under Planning18.0 haThien Nghiep, Thanh pho Phan Thiet, Binh Thuan Province, Vietnam10°58'56.21N, 108°17'43.37ETBC Ba ThapWind30Under Planning4.3 haBac Phong, Thuan Bac District, Ninh Thuan Province, Vietnam11°40'16.16N, 109° 2'17.73EAdditional renewable energy projects may be developed by ACE and may be considered for use of IFC proceeds, provided that E&S impacts are limited. Only the projects that will utilize IFC proceeds are referred to as the “sub-project/s.”