Coro Energy PLC Exclusivity - 3.25MW Vietnam Solar Acquisition (6612H)
November 25 2022 - 7:03AM
UK Regulatory
TIDMCORO
RNS Number : 6612H
Coro Energy PLC
25 November 2022
25 November 2022
Coro Energy Plc
("Coro" or the "Company" and together with its subsidiaries the
"Group")
Exclusivity on Energised 3.25MW Vietnam Roof top Solar
Acquisition
Coro Energy PLC, the South East Asian energy company with a
natural gas and clean energy portfolio, announces that it has
entered into a period of exclusivity for three months
("Exclusivity") with the shareholders of KIMY Trading and Service
JSC ("KIMY") in respect of the potential acquisition by the Group
of a 100% interest in a leased rooftop solar portfolio in Vietnam
across four locations close to Saigon with an aggregate generating
capacity of 3.25 megawatts currently held by KIMY (the
"Portfolio").
The Portfolio has been operational for two years and benefits
from an existing power purchase agreement with a remaining eighteen
year term, with the power off-taker being state owned Electricity
Vietnam (EVN).
In connection with the award of Exclusivity by the vendors to
the Group, the Company and the shareholders of KIMY have set out,
subject to, inter alia, due diligence by the Group and the
negotiation and entry of binding documentation, their agreement as
to the proposed consideration payable for any acquisition of the
Portfolio by the Group of a total of c.US$1.7 million (US$548/MW)
which would be paid as follows by the Group:
-- Assumption by Coro of c.US$1.0 million of existing specialist
renewables debt with a Vietnamese bank;
-- US$0.2 million payable on completion of any acquisition in
new ordinary shares in the Company, locked in for 18 months from
completion;
-- US$0.25 million in cash on completion; and
-- A further US$0.25 million in cash in six equal monthly instalments from completion.
Exclusivity will expire on 22 February 2023 and the Company
cautions that any acquisition of the Portfolio remains subject to,
inter alia, due diligence by the Group, the negotiation and entry
of binding agreements and the availability to the Group of funding.
Further announcements will be made in due course.
Michael Carrington, Managing Director of Coro Renewables,
commented:
"I am delighted with this exclusivity period which allows the
Company to commence a deep dive due diligence. Any acquisition
pursuant to the exclusivity period would take our Vietnam portfolio
to 6.258 megawatts in total, thereby accelerating our solar
deployment in Vietnam."
For further information please contact:
Coro Energy plc Via Vigo Consulting Ltd
James Parsons, Executive Chairman
Ewen Ainsworth, Chief Financial Officer
Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Vigo Consulting (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Charlie Neish
WH Ireland (Broker) Tel: 44 (0)20 7220 1670 / 44
Harry Ansell (0)113 946 618
Katy Mitchell
Gneiss Energy Limited (Financial Advisor) Tel: 44 (0)20 3983 9263
Jon Fitzpatrick
Doug Rycroft
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended and supplemented from time to time. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
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END
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