REG - Coro Energy PLC - Mobile World Group Power Purchase Agreement

Coro EnergyAnnouncement

08/03/2024 12:00

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RNS Number : 1887G  Coro Energy PLC  08 March 2024

8 March 2024

 

Coro Energy Plc

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

 

Mobile World Group Power Purchase Agreement

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces the signature of a Power Purchase Agreement
("PPA") with Mobile World Group ("MWG") to cover the pilot phase of the 50MW
project.

 

Further to the Company's announcement on 10 October 2023 that the Group had
signed a memorandum of understanding and exclusivity with Mobile World
Investment Corporation in respect of the installation of rooftop solar systems
across an initial portfolio of 900 company sites with an estimated 50MW of
rooftop solar capacity, the Company has now signed a binding 14-year power
purchase agreement with MWG to deliver power at the first ten sites as a pilot
phase with a capacity of 430kw. The PPA term is extendable in certain
circumstances and includes a variable price with a floor of circa US$11.2
cents / kilowatt hour. Construction work at these sites will begin in March
2024 and is expected to conclude 28 days later. The capital required for the
pilot phase is expected to be funded from existing in-country Group resources
and from a debt facility expected to be provided by HDBank who have provided a
non-binding commitment letter in respect of the pilot locations, details of
which were announced by the Company on 18 January 2024.

 

On successful commissioning of the ten pilot sites, the Company will review
the learnings from the pilot stage and initiate the full-scale rollout
targeting all 900 MWG locations.

 

For further information please contact:

 

 Coro Energy plc                                          Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 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

 Gneiss Energy Limited (Financial Advisor)                  Tel: 44 (0)20 3983 9263

 Jon Fitzpatrick

 Doug Rycroft

 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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