REG - Coro Energy PLC - Vietnam Update – Project Funding Update

Coro EnergyAnnouncement

18/01/2024 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:20240118:nRSR0382Aa&default-theme=true

RNS Number : 0382A  Coro Energy PLC  18 January 2024

18 January 2024

 

Coro Energy Plc

("Coro" or the "Company")

 

Vietnam Update - Project Funding Update

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces the receipt of an in principle offer from a
Vietnamese Bank for project debt finance and also updates on the exclusivity
and indicative funding proposal from Capton Energy previously announced by the
Company.

 

Following six months of negotiation and due diligence, HDBank of Vietnam has
provided the Company with an in principle commitment letter to provide debt
finance for its previously announced 50MW MOU with Mobile World Investment
Corporation to install rooftop solar systems across their portfolio.  The
non-binding commitment letter initially focuses on funding for the ten
locations in the pilot stage and would cover 50% of the total capital required
for these locations.  It would then be the intention to broaden any funding
arrangement reached to the full scale 50MW roll out across all 900 project
locations.

 

In addition, and further to the Company's announcement of 3 August 2023 which
notified the entry of a four month period of exclusivity with Capton Energy in
respect of an indicative funding proposal, the Company now updates that,
whilst exclusivity with Capton Energy has expired, detailed negotiations on
transaction documents continue in respect of the potential sale by the Company
of a stake in the Company's revenue producing 3MW pilot project in
Vietnam.

 

Further updates will be provided, as appropriate, in due course.

 

For further information please contact:

 

 Coro Energy plc                                          Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 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

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

 Jon Fitzpatrick

 Doug Rycroft

 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.

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  UPDFLFLVLEIDLIS