Coro Energy expands solar power agreement in Vietnam

(Alliance News) - Coro Energy PLC on Thursday said it has signed an addendum to its existing power purchase agreement with Mobile World Group, expanding its solar power delivery to an additional 46 sites in Vietnam.

The South East Asian energy company with a natural gas and clean energy portfolio said the new sites have a combined capacity of around 0.8 megawatts, with construction set to begin immediately.

The agreement builds on Coro's existing deal with MWG, under which it has exclusivity over 900 MWG locations in central and southern Vietnam. Coro installs, owns, and operates rooftop solar systems at these sites and sells the generated electricity directly to MWG under a 14-year power purchase agreement.

With 84 sites currently operational, Coro said its installed capacity stands at around 2.6 MW, generating an estimated annual cash flow of USD350,000.

The latest addendum includes a variable pricing structure with a minimum floor price of VND2,703 per kilowatt hour and the potential for extended contract terms.

Coro said it expects to sign another addendum soon, covering four additional sites in Ho Chi Minh City with a combined capacity of 0.26 MW, including a possible pilot project for co-located battery energy storage. If agreed, this would bring total contracted capacity to 3.7 MW across 134 locations.

Shares in Coro Energy closed down 8.0% at 1.40 pence each in London on Thursday.

By Eva Castanedo, Alliance News reporter

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