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Highlights:
- New Revenue from Solar Sites: Coro Energy's rooftop solar business in Vietnam is now generating revenue across 37 operational sites.
- Expansion Underway: An additional 50 solar sites are under construction, set to begin operations in November.
- Enhanced Financing: Coro has increased its convertible loan to $750,000 to support project rollout.
Coro Energy PLC (LSE:CORO) has announced a significant expansion in its commercial and industrial (C&I) rooftop solar portfolio in Vietnam, where its operations are now fully operational across 37 sites. These new installations generate around 1.2MW of electricity for Mobile World Group (MWG), a leading Vietnamese retail chain. This revenue-generating project marks Coro's continued progress in establishing a sustainable footprint in Vietnam’s renewable energy sector, further supported by a 14-year Power Purchase Agreement (PPA) with MWG.
The partnership with MWG grants Coro exclusivity to install and manage rooftop solar systems across an estimated 900 of MWG's facilities in central and southern Vietnam, representing a potential 50MW of rooftop solar capacity. Coro Energy handles every aspect of each system—from construction to ownership and operational management—selling all electricity produced directly to MWG. This agreement allows Coro to establish a stable revenue stream while contributing to Vietnam’s push toward renewable energy.
To fund this extensive rollout, Coro Energy has increased its convertible loan from $500,000 to $750,000. Fenisko, where Coro’s chairman, Tom Richardson, serves as a director, provided the additional funding. Richardson expressed optimism regarding the project’s trajectory, noting that the financing boost enables Coro to maintain the rapid progress of its partnership with MWG. This financial flexibility also allows Coro to work toward a sustainable long-term solution with its debt holders.
Currently, 50 more MWG sites—anticipated to generate an additional 1.9MW—are under construction, with completion expected in November. This phase marks Coro’s strategic expansion within Vietnam's booming renewable energy market, as it leverages key partnerships and capital support to drive growth.
Richardson commented on the additional financing: "This additional funding ensures the company can maintain progress with the Mobile World Group project in Vietnam, as we continue to work towards a longer-term solution with our debt holders."
With a long-term focus on Vietnam’s renewable energy landscape, Coro Energy’s strategic partnership with MWG underscores its commitment to expanding access to sustainable power solutions across the region. The recent financial boost not only supports the ongoing rollout of solar installations but also highlights Coro’s dedication to meeting growing energy needs while reinforcing its operational resilience in the Vietnamese market.
