SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Mar 24, 20222. SEC Identification Number 392743. BIR Tax Identification No. 000-506-020-0004. Exact name of issuer as specified in its charter AC Energy Corporation5. Province, country or other jurisdiction of incorporation Makati City, Philippines6. Industry Classification Code(SEC Use Only) 7. Address of principal office 4th Floor, 6750 Office Tower, Ayala Avenue, Makati CityPostal Code12268. Issuer's telephone number, including area code (02) 7730 63009. Former name or former address, if changed since last report N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 38,315,838,177
11. Indicate the item numbers reported herein N/A

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

AC Energy CorporationACEN PSE Disclosure Form 4-2 - Acquisition/Disposition of Shares of Another Corporation
References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure

Subscription by the Company to shares in Natures Renewable Energy Devt. (NAREDCO) Corporation

Background/Description of the Disclosure

AC Energy Corporation ("ACEN") and its wholly-owned subsidiary ACE Endevor, Inc. ("Endevor") signed subscription agreements with Natures Renewable Energy Devt. (NAREDCO) Corporation ("NAREDCO") for the subscription by ACEN and Endevor to an aggregate of 82,500 common shares in NAREDCO with a par value of Php 100.00 per share for a total par value of Php 8,250,000.00 (the "Subscription Price).

On 24 March 2022, ACEN, Endevor, CleanTech Renewable Energy 4 Corp. ("CREC4"), and NAREDCO signed a Shareholders' Agreement to cover the ownership and management of NAREDCO, as well as the development and operation of the proposed 200MWdc Lal-lo Solar Power Project in Lal-lo, Cagayan (the "Lal-lo Solar Power Project").

Date of Approval by
Board of Directors 		Oct 18, 2021
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction

The Subscription Price will be used by NAREDCO to fund the development of the proposed Lal-lo Solar Power Project. The planned capacity of Phase 1 is 133.46MWdc.

Details of the acquisition or disposition
Date Dec 17, 2021
Manner

Subscription to common shares

Description of the company to be acquired or sold

NAREDCO is a special purpose vehicle for the development of the proposed Lal-lo Solar Power Project, ACEN's joint venture project with CREC4.

The terms and conditions of the transaction
Number of shares to be acquired or disposed 82,500
Percentage to the total outstanding shares of the company subject of the transaction 60
Price per share Php 100.00
Nature and amount of consideration given or received

Total Subscription Price of Php 8,250,000.00

Principle followed in determining the amount of consideration

Subscription at par value

Terms of payment

Cash

Conditions precedent to closing of the transaction, if any

Full payment of the Subscription Price

Of the total 82,500 common shares, the subscription to 37,500 common shares is further subject to the necessary regulatory approvals from the SEC on the increase in authorized capital stock of NAREDCO

Any other salient terms

None

Identity of the person(s) from whom the shares were acquired or to whom they were sold
Name Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
Natures Renewable Devt (NAREDCO) Corporation None
Effect(s) on the business, financial condition and operations of the Issuer, if any

Investment to be used for the development of the proposed Lal-lo Solar Power Project.

Other Relevant Information

The Board of Directors approved ACEN's joint venture with CleanTech Global Renewables, Inc. ("CleanTech") on 18 October 2021 as disclosed under report no. C06940-2021.

CleanTech has assigned its rights and obligations under the joint venture to its wholly-owned subsidiary, CREC4.

The subscribed shares is composed of (a) 45,000 common shares to be issued from NAREDCO's unissued capital stock, and (b) 37,500 common shares to be issued out of the increase in NAREDCO's authorized capital stock.

The figure under "Percentage to the total outstanding shares of the company subject of the transaction" assumes SEC approval of the increase in NAREDCO's authorized capital stock.

Filed on behalf by:
Name Alan Ascalon
Designation Vice President/ Asst. Corporate Secretary

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AC Energy Corporation published this content on 25 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 March 2022 01:45:09 UTC.