Coro's solar projects in Vietnam gain traction

November 07, 2024 | 14:04

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UK-based Coro Energy PLC announced on November 6 that 27 sites of around 0.8MW are now operational and generating revenue in Vietnam.

Coro's solar projects in Vietnam gain traction

Vietnam solar projects by Coro gain traction. Photo: baodautu.vn

This follows an MoU signed between Mobile World Group and Coro in October 2023.

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, 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 agreement was signed in March 2024 with an addendum covering the first 10 sites (around 0.4MW) as a pilot phase. These 10 sites were announced as operational in July 2024. The company then signed an addendum covering the next 30 sites in August 2024.

As of present, 27 of these 30 sites are now operational and generating revenue. This brings the current total operational sites with MWG in Vietnam to 37 sites (around 1.2MW).

In addition, Coro signed an addendum covering a further 50 sites (around 1.9MW) in September 2024 which are currently under construction and are expected to become operational in November.

To help fund the projects in Vietnam, Coro has increased the size of a previously arranged convertible loan. Originally $500,000, the loan has been increased to $750,000.

Tom Richardson, chairman of the company, commented, "This additional financing ensures the company can maintain progress with the Mobile World Group project in Vietnam whilst we continue to work towards a longer-term solution with our debt holders."

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