REG - Coro Energy PLC - Corporate Update

Coro EnergyAnnouncement

30/06/2025 07:00

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RNS Number : 8636O  Coro Energy PLC  30 June 2025

30 June 2025

 

Coro Energy Plc

("Coro" or the "Company")

 

Corporate Update

 

Coro Energy PLC, the South East Asian renewable energy developer, is pleased
to provide an update across its clean energy portfolio in Vietnam and the
Philippines. Shareholders are referred to a separate announcement also issued
today in which the Company announces its final results for the year ended 31
December 2024, which may also be found on its website.

 

Vietnam

 

The Company announces that a further 0.8MW of commercial and industrial
(C&I) rooftop solar capacity is now operational and revenue generating
with Mobile World Group ("MWG"). The Company therefore now has 3.4MW of
operating installed capacity with MWG in addition to the existing 3.0MW
industrial project with Phong Phu Corporation. The estimated run-rate annual
cash flows to Coro from the total 6.4MW is approximately US$720,000.

The Company has a significant pipeline of new C&I customers in Southern
Vietnam which are under evaluation and negotiation. The Company is in advanced
discussions with the first of these and shortly expects to sign a contract to
deliver power at further sites in Southern Vietnam with a total additional
capacity of 6MW.  Operational and contracting preparations for the
construction of the 6MW are already underway.

An addendum for a further 0.26MW in Ho Chi Minh City, potentially including a
pilot of a co-located battery energy storage system, is also expected to be
signed shortly.

The Company has arrangements with its Engineering, Procurement, and
Construction (EPC) provider which in effect provides deferred payment terms
for some of the EPC costs. The Company confirms it is in advanced discussions
with local banks to refinance the EPC deferred payments owed by Coro. The
Company continues to work with both international and local banks to introduce
debt funding into the operational C&I rooftop solar portfolio in Vietnam.

Philippines

 

The Company continues to develop its utility-scale solar and wind projects on
the Island of Cebu in the Philippines where it has already, as previously
announced, secured two 100MW wind energy service contracts and a 130 meter
tall meteorological mast which has been collecting bankable data since January
2024.

 

The Company has completed a comprehensive pre-feasibility study on the planned
solar project in Lagunde (Oslob) and has now submitted a pre-application for
the award of a Certificate of Authority.  The project envisages an 80MW
ground-mounted solar power plant project on the 90 hectares of land which have
been secured. The pre-application envisages the plant being connected to the
National Grid of the Philippines (NGCP) substation at Samboan (approximately
15Km distance).  Discussions with off-takers are also underway.

 

The Company is updating the project economics for the existing wind projects
to include the 18 months of bankable wind data collected so far alongside
recent capital cost reductions, including the cost of turbines.

 

 

 

Corporate

 

As previously announced, the Company initiated legal proceedings against an
Italian contractor in relation to damages following the historical cessation
of production at the Bezzecca field in Italy.  The Company is pleased to
report that at the recent hearing, the court rejected the contractor's request
for further technical assessment considering the case to be sufficiently
documented and ready for a decision.  The judgement hearing has been set for
21(st) January 2027.

 

 

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

 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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