16th Nov 2021 12:06
Coro Energy PLC - London-based gas explorer - Enters into joint venture agreements in respect of its Vietnamese solar acquisition. Back in July, the company agreed to buy rights over a portfolio of 150 megawatts rooftop solar projects in Vietnam from Vinh Phuc Electrical Mechanical Installation Co Ltd, starting with a 5 megawatts pilot project.
Under the deal, the South East Asia-focused firm will acquire an 85% interest in a newly formed joint venture to be named Coro Renewables Vietnam in exchange for initial funding by Coro of USD500,000 to immediately develop a 5 megawatts pilot rooftop project. Coro will then have the right to fund the construction of the project, estimated at USD3.5 million, with a view to securing near term cash flows. Furthermore, Coro will have the option to fund the entire 150 megawatts portfolio held by the joint venture.
"I am delighted to announce the entry of binding agreements in connection with our Vietnamese roof-top solar project, which moves Coro closer to maiden revenues with the pilot project and a step forward on our strategic goal of being a major regional player in the renewables space," says Chief Executive Mark Hood.
Current stock price: 0.28 pence, down 3.5%
Year-to-date change: down 36%
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Coro Energy