REG - Coro Energy PLC - Corporate Update

Coro EnergyAnnouncement

30/07/2024 07:00

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RNS Number : 2778Y  Coro Energy PLC  30 July 2024

30 July 2024

 

Coro Energy Plc

("Coro" or the "Company" and together with its subsidiaries the "Group")

 

Corporate Update

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces an update on its C&I rooftop solar
business in Vietnam, its funding position and the Company's Annual Report and
Accounts for the year ended 31 December 2023 ("2023 Annual Report").

 

The Company announced the Signature of a Power Purchase Agreement ("PPA") in
Vietnam with Mobile World Group ("MWG") on 8 March 2024 and now announces that
the first ten pilot sites (0.34MW capacity of the total 50MW project) are now
operational and revenue generating. Following successful engagements with MWG
last week, the Company expects to shortly broaden the current PPA to a further
430 sites (circa 15MW capacity). Construction on the next 30 sites (c. 1MW
capacity) is expected to begin early August, and the Company is in advanced
discussions with a number of parties regarding investing in its Vietnamese
C&I rooftop solar business with a view to funding the next 430 sites and
accelerating the roll out of the larger 50MW project. The Company also
continues to work with HDBank to secure a local debt facility to cover 50% of
the capital on the MWG project following receipt of their indicative offer
letter announced on 12 April 2024.

 

Further to the announcement on 26 June 2024, it is expected that the 2023
Annual Report will be published before the end of August, and the Company is
working with its Eurobond lenders and other funding parties to provide the
Company with additional near term working capital. Following the publication
of the 2023 Annual Report and once additional near term working capital has
been secured, (which is necessary for the Company to continue to meet its
payment obligations) the Company will seek that its suspension from trading on
the AIM market of the London Stock Exchange be lifted.

 

For further information please contact:

 

 Coro Energy plc                                          Via Vigo Consulting Ltd

 Cavendish Capital Markets Limited (Nominated Adviser)    Tel: 44 (0)20 7220 0500

 Adrian Hadden

 Ben Jeynes

 Hybridan LLP (Nominated Broker)                            Tel: 44 (0)20 3764 2341 (tel:(0)20%C2%A03764%202341)

 Claire Louise Noyce

 Vigo Consulting (IR/PR Advisor)                          Tel: 44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

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