7th Apr 2026 12:19
(Alliance News) - Coro Energy PLC on Tuesday said it has signed a 25-year binding equipment lease agreement for rooftop solar systems with a new Vietnamese customer, and expects work to start this month.
The South East Asian energy company, which has a natural gas and clean energy portfolio, said that the equipment lease, signed with biomass energy firm An Viet Phat Group, includes operations and maintenance contracts.
The rooftop solar systems will initially be installed on two factories in Vietnam, and have a total estimated capacity of 1.6 megawatts hour. An engineering, procurement, and construction contract has been signed with Peb Steel Buildings Co Ltd, Coro said, and construction is expected to start this month.
Coro shares were up 13% to 4.24 pence each on Tuesday in London.
Coro also disclosed that it is in advanced discussions with An Viet Phat for the construction of five additional systems at as many factories, for a total estimated additional capacity of 8.4 megawatts hour.
The construction of the first two solar systems will be financed from existing cash resources, the company said, but it plans to finance "projects of this nature" by drawing from a USD20 million senior secured debt facility it has announced earlier this month. Coro said it expects due diligence on that debt facility to be completed by the first half of 2026.
Chair Tom Richardson said: "We continue to make progress in delivering our strategic goal of material growth in the Vietnamese rooftop solar market. We are very pleased to have secured another high-quality customer with AVP and look forward to delivering rooftop solar energy systems for their factories.
"The potential opportunity to scale the AVP projects from an initial 1.6MW to a broader 10.0MW rollout highlights the repeatable nature of our business model...Together with the recently announced progress on the proposed senior secured debt facility we believe Coro is well positioned to accelerate the deployment of its contracted projects and continue scaling its Vietnam platform".
By Martin Miraglia, Alliance News reporter
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