REG - Coro Energy PLC - Vietnam C&I Rooftop Solar Update

Coro EnergyAnnouncement

16/01/2025 10:45

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RNS Number : 6217T  Coro Energy PLC  16 January 2025

16 January 2025

 

Coro Energy Plc

("Coro" or the "Company")

 

Vietnam C&I Rooftop Solar Update

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, is delighted to announce that a 47 further sites
(circa 1.4MW) in Vietnam are now operational and revenue generating.

 

By way of background and as previously announced on 10 October 2023, the
Company signed a Memorandum of Understanding ("MoU") in Vietnam with Mobile
World Group ("MWG") granting 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.

 

The Power Purchase Agreement ("PPA") was signed on 8 March 2024 alongside an
addendum covering the first ten sites (c 0.4MW) as a pilot phase, which
achieved Commercial Operational Date ("COD") on 30 July 2024.   The Company
then signed an additional addendum covering the next 30 sites on 27 August
2024, of which 27 sites (c 0.8MW) achieved COD on 6 November 2024 (the
remaining three sites having been temporarily deferred for operational
reasons).  The Company then signed an additional addendum covering the next
50 sites on 25 September.

 

The Company is delighted to report today that 47 (circa 1.4MW) of these 50
sites are now operational and revenue generating (the remaining three sites
having been temporarily deferred). This brings the current total operational
sites with MWG in Vietnam to 84 sites (circa 2.6 MW) as of today's date with
estimated annual run-rate cash flows of approximately US$350,000.

 

Together with the Group's existing 3MW project with Phong Phu Corporation the
Company has a total of 5.6MW of operating C&I rooftop solar assets in
Vietnam generating run-rate cash flows of approximately US$600,000 per annum.

 

All addendums are consistent with those announced previously whereby the term
is extendable in certain circumstances and includes a variable price with a
floor of circa US$11.2 cents / kilowatt hour.

 

 

 

 

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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