REG - Coro Energy PLC - Vietnam Update

Coro EnergyAnnouncement

20/03/2025 07:45

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RNS Number : 4656B  Coro Energy PLC  20 March 2025

20 March 2025

 

Coro Energy Plc

("Coro" or the "Company")

 

Vietnam Update

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio is delighted to announce that it has signed a further
addendum to the existing Power Purchase Agreement (the "PPA") with Mobile
World Group ("MWG") to deliver power at the next 46 MWG solar sites in Vietnam
with an aggregate capacity of c.0.8MW (the "PPA Addendum"). Construction of
the sites subject to the PPA Addendum will commence immediately.

 

As previously announced, the Company signed a Memorandum of Understanding
("MoU") in Vietnam with MWG granting Coro exclusivity on an initial 900 MWG
company sites in the central and southern regions of Vietnam where solar
irradiation is the highest in the country.  Coro will build, own, and operate
each rooftop solar system and sell all generated electricity directly to each
Mobile World Investment Corporation location under a 14-year Power Purchase
Agreement, extendable in certain circumstances.

 

The Power Purchase Agreement ("PPA") was signed on 8 March 2024, and the
Company now has 84 sites with MWG currently operational in Vietnam (circa 2.6
MW) with an estimated annual run-rate cash flows to Coro of approximately
US$350,000.

 

The PPA Addendum terms include a variable price with a floor of VND 2,703 per
kilowatt hour, an extended term in certain circumstances and are consistent
with those previously announced by the Company.

 

A further addendum for a further 4 sites in Ho Chi Minh City (circa 0.26MW),
potentially including a pilot of a co-located battery energy storage system is
also expected to be signed shortly. Subject to agreement, this further
addendum would bring the total contracted capacity to 3.7MW across 134
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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