Coro Energy in speak to buy 3.25-MW rooftop solar portfolio in Vietnam

Nov 28, 2022 11:16 AM ET
  • UK-based and southeast Asia-focused Coro Energy Plc (LON: CORO) has begun unique talks to obtain a leased roof solar portfolio in Vietnam with an overall generating capacity of 3.25 MW.
Coro Energy in speak to buy 3.25-MW rooftop solar portfolio in Vietnam
Image: Som Energia Cooperativa

The conversations are underway with the investors of the owner of the assets, namely KIMY Trading as well as Service JSC (KIMY). The suggested value of the deal stands at approximately USD 1.7 million (EUR 1.63 m), consisting of the assumption of debt, or USD 548 per MW.

"Any kind of procurement pursuant to the exclusivity period would take our Vietnam portfolio to 6.258 MW in total, thereby accelerating our solar implementation in Vietnam," Michael Carrington, managing supervisor of Coro Renewables, stated in a statement on Friday.

The targeted portfolio spans throughout 4 areas close to Saigon and also has been functional for 2 years. The assets have an existing power purchase agreement (PPA) with a remaining 18-year term. The purchaser is state-owned Electricity Vietnam (EVN).

The exclusivity period for the negotiations is readied to end on February 22, 2023. The procurement rests on the completion of due persistance and also the signing of a conclusive agreement, along with on funding availability.

Coro is an energy firm focused on sustaining the local shift to a low-carbon economy. At the end of September, the London-headquartered firm completed the commissioning of a 3-MW rooftop solar pilot project in Vietnam.

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