REG - Coro Energy PLC - MOU with Mobile World Investment Corporation

Coro EnergyAnnouncement

10/10/2023 07:00

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RNS Number : 4710P  Coro Energy PLC  10 October 2023

10 October 2023

 

Coro Energy Plc

("Coro" or the "Company")

 

50MW Memorandum of Understanding with Mobile World Investment Corporation

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces that it has signed a Memorandum of
Understanding ("MoU") with Mobile World Investment Corporation in Vietnam to
install rooftop solar systems across their Vietnamese portfolio.

 

Mobile World Investment Corporation is a white goods and consumer electronics
retailer company listed in Vietnam  that operates at 3,600 locations across
Vietnam with the potential to install 360MW of rooftop solar across all
locations. The MoU grants Coro exclusivity on an initial 900 company sites
(estimated at 50MW of rooftop solar capacity) in the central and southern
regions of Vietnam where solar irradiation is the highest in the country. Coro
will build, own, and operate each rooftop solar system and sell all generated
electricity directly to each Mobile World Investment Corporation location
under a 14-year Power Purchase Agreement, extendable in certain circumstances,
with variable pricing and a floor price of US 11.2 cents/kilowatt hour.

 

 Michael Carrington, Managing Director of Renewables, commented:

 

"I am delighted to announce our strategic tie-up with Mobile World Investment
Corporation, as we move at pace towards scale, focused on long-term, solid
cash flows and funded largely by industry players we intend to farm into the
portfolio."

For further information please contact:

 Coro Energy plc                               Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Ewen Ainsworth, Chief Financial Officer

 Cavendish Securities plc (Nominated Adviser)  Tel: 44 (0)20 7397 8900

 Adrian Hadden

 Ben Jeynes

 WH Ireland (Joint Broker)                       Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618

 Harry Ansell

 Katy Mitchell

 Hybridan LLP (Joint Broker)                   Tel: 44 (0)20 3764 2341

 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
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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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