Coro Energy PLC (AIM:CORO) has confirmed the receipt of £1 million from the sale of Ion Ventures Holding Ltd as attention turns to the company's growing renewable portfolio in Asia.
Having now received most of the £1.25 million agreed for the stake in Ion, Coro updated that a meteorological mast to provide wind data for the planned 100MW onshore Oslob project in the Philippines had also been sourced in an update.
“The deployment of a met mast marks our next significant investment in the project,” managing director Michael Carrington said.
“[This enables] us to further quantify the wind resource and de-risk the project.”
Coro is set to begin collecting data from the mast, which has been supplied by specialist Coastal Renewables Limited for US$263,000, by late 2023.
“The wind resources estimates that results from the deployment of the met mast are a critical input for project finance,” the AIM-listed company added in a statement.
Poised to be placed at individual wind turbine locations, the mast will “add further precision to the available wind resource estimates”.
Coro shares rose 1.1% to 0.23p on the news.