REG - Coro Energy PLC - Vietnam Solar Pilot: Commencement of Commissioning

Coro EnergyAnnouncement

30/08/2022 14:15

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RNS Number : 6270X  Coro Energy PLC  30 August 2022

30 August 2022

 

Coro Energy Plc

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

 

Vietnam Solar Pilot: Commencement of Commissioning

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces the successful completion of installation of
the Vietnam rooftop solar pilot project and the commencement of commissioning.

 

The 3-megawatt pilot project, consisting of over 4,500 solar panels and other
ancillary components, has been installed across four factory roofs in Vietnam
and covers a total area of 16,120 square metres. The pilot project has been
delivered on budget and on schedule and is now five days into a 20-day
commissioning phase.

 

The pilot project will, on commissioning, provide proof of concept for Coro's
portfolio of rooftop Solar opportunities and represents the Company's first
installed and operated renewable energy project. On commissioning, the pilot
project will generate revenues for the Group under a 25-year power purchase
agreement.

 

Further announcements, including in relation to the completion of the pilot
project commissioning phase, will be made as appropriate in due course.

 

Michael Carrington, Managing Director of Coro Renewables, commented:

 

"Having installed the Vietnamese pilot project and the commissioning phase
underway, Coro now has a platform from which to prove proof of concept for the
existing 150-megawatt rooftop Solar project portfolio. The supply chain
partners supporting the pilot project have performed beyond expectation and a
reliable process in project delivery has been proven.

 

Phong Phu Corporation, the client and off-taker of power, are delighted with
the installation which will reduce their carbon footprint and provide
electricity to their operations at beneficial rates. Coro Energy PLC looks
forward to evaluating possible further opportunities at Phong Phu
Corporation's other factory locations in Vietnam."

 

 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

 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.

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