Coro expands footprint in Vietnam's renewable energy market

On October 10, Coro Energy announced that it has signed an MoU with Mobile World Investment Corporation in Vietnam to install rooftop solar systems across its national portfolio.

Mobile World Investment Corporation is a white goods and consumer electronics retailer listed in Vietnam. With 3,600 locations across the country, it has the potential to install 360MW of rooftop solar across all its sites.

The MoU grants Coro exclusivity on an initial 900 locations (estimated at 50MW of rooftop solar capacity) in the central and southern regions of Vietnam, where solar irradiation is the highest in the country.

Under the MoU, Coro will build, own, and operate each rooftop solar system and sell the generated electricity directly to each Mobile World Investment Corporation location under a 14-year Power Purchase Agreement – extendable in certain circumstances – with variable pricing and a floor price of 11.2 US cents per kilowatt hour.

Michael Carrington, managing director of Renewables at Coro commented, "I am delighted to announce our strategic tie-up with Mobile World Investment Corporation. We are moving to scale at pace, focused on long-term, solid cash flows and funded largely by industry players that we intend to farm into the portfolio."

In addition, Coro also announced the acquisition of a 2.39MW rooftop solar portfolio from the shareholders of KIMY Trading and Service JSC. The total acquisition price was $1.3 million ($543/MW), with Coro assuming $600,000 of existing specialist renewables debt with a Vietnamese bank and the remainder being paid in cash and shares.

Another 3MW solar rooftop project that has been operational in Vietnam since October 2022 has generated revenue of $116,000 for Coro during the first six months of 2023.

Following the interim period, Coro has reported advanced talks with Capton Energy regarding possible co-investment solutions for Coro's 50MW pipeline of Vietnamese rooftop solar projects.

Capton Energy, based in Dubai, is a joint venture between Siemens Financial Services and Desert Technologies.

Coro Energy enters Vietnamese renewable energy market Coro Energy Plc., a London-based gas explorer, has signed a deal to become an independent power producer in the fast-growing Vietnamese energy market.

Coro Energy negotiating to purchase 3.25MW portfolio of leased rooftop solar in Vietnam Coro Energy Plc., a Southeast Asian energy company with a natural gas and clean energy portfolio, has begun exclusive negotiations to purchase a portfolio of leased rooftop solar projects in Vietnam with a combined generating capacity of 3.25MW.

Solar solutions bring best-in-class quality Businesses are eager to install rooftop solar assets to generate green energy for their self-consumption, which is encouraged by Vietnam’s approved power scheme.