Coro Energy PLC Corporate Update
July 30 2024 - 2:00AM
RNS Regulatory News
RNS Number : 2778Y
Coro Energy PLC
30 July 2024
30 July 2024
Coro Energy
Plc
("Coro"
or the "Company" and together with its subsidiaries the
"Group")
Corporate
Update
Coro Energy PLC, the South East
Asian energy company with a natural gas and clean energy portfolio,
announces an update on its C&I rooftop solar business in
Vietnam, its funding position and the Company's Annual Report and
Accounts for the year ended 31 December 2023 ("2023 Annual
Report").
The Company announced the Signature
of a Power Purchase Agreement ("PPA") in Vietnam with Mobile World
Group ("MWG") on 8 March 2024 and now announces that the first ten
pilot sites (0.34MW capacity of the total 50MW project) are now
operational and revenue generating. Following successful
engagements with MWG last week, the Company expects to shortly
broaden the current PPA to a further 430 sites (circa 15MW
capacity). Construction on the next 30 sites (c. 1MW capacity) is
expected to begin early August, and the Company is in advanced
discussions with a number of parties regarding investing in its
Vietnamese C&I rooftop solar business with a view to funding
the next 430 sites and accelerating the roll out of the larger 50MW
project. The Company also continues to work with HDBank to secure a
local debt facility to cover 50% of the capital on the MWG project
following receipt of their indicative offer letter announced on 12
April 2024.
Further to the announcement on 26
June 2024, it is expected that the 2023 Annual Report will be
published before the end of August, and the Company is working with
its Eurobond lenders and other funding parties to provide the
Company with additional near term working capital. Following the
publication of the 2023 Annual Report and once additional near term
working capital has been secured, (which is necessary for the
Company to continue to meet its payment obligations) the Company
will seek that its suspension from trading on the AIM market of the
London Stock Exchange be lifted.
For further information please
contact:
Coro
Energy plc
|
Via Vigo Consulting Ltd
|
Cavendish Capital Markets
Limited (Nominated
Adviser)
Adrian Hadden
Ben Jeynes
|
Tel: 44 (0)20 7220
0500
|
|
|
Hybridan LLP (Nominated Broker)
Claire Louise Noyce
|
Tel: 44 (0)20 3764
2341
|
|
|
|
|
Vigo
Consulting (IR/PR Advisor)
Patrick d'Ancona
Finlay Thomson
|
Tel: 44 (0)20 7390
0230
|
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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