Coro Energy PLC (AIM:CORO) said it is working on finalising the acquisition of a 3.25 megawatt rooftop solar portfolio in Vietnam.
The South East Asian energy company has revised heads of terms with vendor KIMY to extend the exclusivity period, in order to reflect some works needed post completion.
The total price remains US$1.7mln, most of which will be US$0.95mln of existing debt taken on from a Vietnamese bank, with US$0.13mln cash to be paid and US$0.25mln in new Coro shares, locked-up for 18 months.
A further US$80,000 cash and US$80,000 of new ordinary shares will be payable after two months on demonstration that the local certification is in place with no curtailment, with a further US$250,000 in cash in six equal monthly instalments from completion.
The portfolio has 18 years remaining on its power purchase agreement with state owned Electricity Vietnam.