REG - Coro Energy PLC - Receipt of ion Sale Proceeds & Philippines Update

Coro EnergyAnnouncement

31/08/2023 07:00

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RNS Number : 8487K  Coro Energy PLC  31 August 2023

31 August 2023

 

Coro Energy Plc

("Coro" or the "Company")

 

Receipt of ion Sale Proceeds; Philippines Meteorological Mast Procurement

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces that it has received the £1M proceeds due
from the sale of ion Ventures Holding Ltd announced on 24 August 2023. It also
announces that, further to the successful Wind Energy Service Contract
("WESC") award in the Philippines, it has contracted the meteorological
("met") mast for its 100MW onshore Oslob Wind Power Project.

 

The Company has two development stage renewables projects in the Municipality
of Oslob in the province of Cebu, Philippines; a 100MW onshore solar project
and a 100MW onshore wind project. The Company has an entitlement to 88% of the
future dividends from these projects. As announced on 24 August 2023, the
Company has recently been awarded a WESC for the wind project.

The fabrication, installation, and maintenance of the met mast, which has been
designed to meet both local and international standards and conforms to IEC
61400-12-1, is being provided by the leading Philippine met mast specialist,
Coastal Renewables Limited at a total cost of US$263,000 including taxes. It
is anticipated that data collection will commence by the end of 2023. The wind
resources estimates that result from the deployment of the met mast are a
critical input for project finance.

 

The Company wants to develop these projects through to energisation however
does expect to have other alternatives available including regional project
finance and an outright sale of the projects (noting the liquid market for
such projects at RTB with Philippine valuations around US$120,000/MW to
US$200,000/MW).

 

The existing LiDar (laser wind detection analysis) will continue to support
the met mast data, being deployed at individual wind turbine locations to add
further precision to the available wind resource estimates.

 

Michael Carrington, Managing Director of Coro Renewables, commented:

 

"The deployment of a met mast marks our next significant investment in the
project, enabling us to further quantify the wind resource and de-risk the
project."

 For further information please contact:

 Coro Energy plc                            Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Ewen Ainsworth, Chief Financial Officer

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

 Adrian Hadden

 Ben Jeynes

 Katy Birkin

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

 Patrick d'Ancona

 Finlay Thomson

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

 Harry Ansell

 Katy Mitchell

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

 Jon Fitzpatrick

 Doug Rycroft

 

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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