REG - Coro Energy PLC - Vietnam Update

Coro EnergyAnnouncement

27/08/2024 07:00

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RNS Number : 6904B  Coro Energy PLC  27 August 2024

27 August 2024

 

Coro Energy Plc

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

 

Vietnam Update

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces further positive developments at its C&I
rooftop solar business in Vietnam.

 

The Company (via one of its Vietnam-domiciled subsidiaries) has signed a
second binding 14 year Power Purchase Agreement ("PPA") in Vietnam with Mobile
World Group ("MWG") to deliver power at the next 30 sites with a capacity of
circa 1MW. The terms of the PPA are consistent with those announced on 8 March
2024 whereby the PPA term is extendable in certain circumstances and includes
a variable price with a floor of circa US$11.2 cents / kilowatt hour.
Construction work at these sites is expected to begin imminently and to
conclude approximately 28 days following commencement. The Company has also
signed an EPC contract for these sites and agreed upon payment arrangements
with the EPC provider which will in effect provide deferred payment terms for
85% of the EPC costs, subject to a cap of US$1M. These arrangements defer
payment for two months and the deferred payments are subject to a 12% annual
coupon and a 2% fee. The Company's deferred payment obligations are initially
unsecured (however the EPC provider has the right to request asset security
from the Company at a later stage, if it considers it necessary to do so). The
Company is also in advanced PPA discussions for the next 350 sites.

 

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

 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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