REG - Coro Energy PLC - Vietnam Solar Pilot: First Power Production

Coro EnergyAnnouncement

30/09/2022 07:01

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RNS Number : 2500B  Coro Energy PLC  30 September 2022

30 September 2022

 

Coro Energy Plc

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

 

Vietnam Solar Pilot:  First Power Production

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces the successful completion of commissioning
of the Vietnam rooftop solar pilot project. As a result, the 3-megawatt pilot
project, consisting of over 4,500 solar panels and other ancillary components
which has been installed across four factory roofs in Vietnam and covers a
total area of 16,120 square metres (the "Project"), is now delivering
electrical power which is being consumed on site by Phong Phu Corporation, one
of Vietnam's premier textile manufacturers under a 25-year power purchase
agreement and is expected, at current pricing levels, to produce net cash
flows to the Group of approximately $0.3m per annum.

 

With the Project now in commercial production, due diligence and technical
assessments are underway with regards to potential clients and locations for
additional roof top solar projects and further announcements will be made, as
appropriate, in due course.

 

Michael Carrington, Managing Director: Renewables, commented:

 

"We are delighted to now be producing power and to have commenced our first
revenue stream in Vietnam. The whole team, including Coro's partner and
suppliers, has performed exceptionally well delivering this maiden project,
and I am very proud of what has been achieved safely, on schedule and to
budget. We have set a high bar for future projects, but we now know our
capabilities and look forward to rapidly building our solar portfolio."

 

 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
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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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