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.
On November 23, Invest Gains Viet Nam Co., Ltd., Coro's partner in Vietnam that is inclusive of Vinh Phuc Energy, has agreed to sell 7.5 per cent of its 15 per cent equity interest in Coro Renewables VN1 JSC, which is the holding company for Coro's investments in Vietnam.
This includes Coro Renewables Vietnam Co., Ltd., which holds an operational 3MW rooftop solar project.
The total value of this transaction is approximately $290,000, based on the current exchange rate, consisting of an immediate cash payment of $100,000.
The initial tranche of shares will be issued when the company has secured sufficient authority from its shareholders at the next AGM, likely to be in June 2024, or at an earlier General Meeting.
Michael Carrington, managing director of Renewables at Coro commented, "Following our recent restructuring with our partner in the Philippines, we are delighted to announce a similar restructuring in Vietnam. This transaction, timed as we move towards finalising our previously announced Vietnam funding arrangements with a view to initiating our rollout of the 50MW rooftop solar project, increases Coro's equity in the Vietnamese business and aligns our partners with Coro's shareholders."
In October, Coro also signed an MoU with Mobile World Investment Corporation to install rooftop solar systems across their Vietnamese portfolio. The MoU grants Coro exclusivity on an initial 900 company sites (estimated at 50MW of rooftop solar capacity) in the central and southern regions of Vietnam.
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