Coro Energy advances commercial and industrial rooftop solar business in Vietnam

August 27, 2024 | 17:22

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Coro Energy PLC announced positive developments in its commercial and industrial rooftop solar business in Vietnam on August 27.

Coro Energy advances commercial and industrial rooftop solar business in Vietnam

Coro Energy 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). The PPA aims to deliver power from 30 sites with a capacity of circa 1MW.

The terms of the PPA are consistent with those announced on March 8, 2024, whereby the PPA term is extendable in certain circumstances and includes a variable price with a floor of about $11.2 cents per kilowatt-hour.

Construction work at these sites is expected to begin imminently and to conclude approximately 28 days following commencement.

To facilitate the construction, Coro Energy has signed an engineering, procurement, and construction (EPC) contract for these sites. The company has agreed upon payment arrangements with the EPC provider which will in effect provide deferred payment terms for 85 per cent of the EPC costs, subject to a cap of $1 million.

In addition to this development, Coro Energy is in advanced discussions to secure PPAs for an additional 350 sites in Vietnam. The move is part of the company's efforts to expand its footprint in the region's clean energy sector.

Coro expands footprint in Vietnam's renewable energy market

Coro Energy PLC, a Southeast Asian company with a natural gas and clean energy portfolio, is continuing its expansion into Vietnam's renewables market.

Coro Energy increases equity interest in its Vietnamese venture

On November 24, Coro Energy Plc., a Southeast Asian energy company, announced that it has restructured its arrangements with its partners in Vietnam, increasing its equity in its Vietnamese venture from 85 to 92.5 per cent.

Beacon Fund backs CAS Energy on renewable energy expansion

Beacon Fund and CAS Energy reached an initial investment agreement in April to advance renewable energy projects integrated with circular agriculture under the climate-smart agriculture model in Vietnam.

By Thanh Van

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