Coro Energy PLC (AIM:CORO) has announced talks are ongoing with Capton Energy for the latter to buy into and invest in its Vietnamese solar portfolio.
Capton, a joint venture between Siemens Financial Services and Desert Technologies, would build a stake in the 50MW project pipeline, while also providing funding.
The pair now have a four-month exclusivity period to complete the deal, AIM-listed Coro said in a statement, with talks already at an advanced stage.
“We are delighted to be working with Capton Energy, who have both a substantial balance sheet and strong experience in renewables deployment,” Coro director Michael Carrington said.
Capton chief executive Umer Ahmad said the pair would leverage their “combined capabilities and experience to support in underserved sectors of the market”.
Through a focus on Africa, the Middle East and Asia, Capton works to bring energy transition infrastructure to such markets.
“We look forward to finalising the arrangements,” Carrington added.