REG - Coro Energy PLC - Vietnam Renewables Funding Exclusivity

Coro EnergyAnnouncement

03/08/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230803:nRSC1367Ia&default-theme=true

RNS Number : 1367I  Coro Energy PLC  03 August 2023

3 August 2023

 

Coro Energy Plc

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

 

Vietnam Renewables Funding Exclusivity

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces that it has received an indicative funding
proposal from and is now in advanced talks with Capton Energy regarding
possible co-investment solutions for Coro's Vietnamese rooftop solar projects.
Capton Energy, based in Dubai, is a joint venture between Siemens Financial
Services and Desert Technologies. The platform is focused on Energy Transition
infrastructure in Africa, the Middle East, and Asia. The funding proposal
received is for Capton to buy into Coro's current Vietnamese solar projects
and provide investment into Coro's project pipeline of up to 50 megawatts.
Coro has committed to a four-month period of exclusivity for the parties to
conclude the transaction.

 

 

Michael Carrington, Managing Director of Coro Renewables, commented:

 

"We are delighted to be working with Capton Energy, who have both a
substantial balance sheet and strong experience in renewables deployment. We
look forward to finalising the arrangements."

 

Umer Ahmad, Chief Executive & Chief Investment Officer of Capton Energy,
commented:

"Through its collaboration with Coro Renewables, Capton Energy is looking to
leverage both parties' capabilities and experience to support underserved
sectors of the market with their energy needs, by utilizing renewable
technologies to positively impact communities and industries. "

 

For further information please contact:

 Coro Energy plc                                              Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Ewen Ainsworth, Chief Financial Officer

 Capton Energy DMCC                                           Tel: +971 (4) 448 7161

 Umer Ahmad, Chief Executive & Chief Investment Officer

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

 Ben Jeynes

 Katy Birkin

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

 Patrick d'Ancona

 Charlie Neish

 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSSUFUEEDSEIA