Coro Energy PLC (AIM:CORO) has said an offer of debt finance has been made to fund the initial rollout of its rooftop solar panels on Mobile World Investment Corporation sites in Vietnam.
Vietnamese lender HDBank has made an in-principle offer to provide funding for the pilot stage of the project, Coro updated on Thursday.
This would stretch to ten prospective locations for rooftop solar to be fitted initially and would cover half of the capital needed for each.
Coro said it would then intend to broaden the funding arrangement to cover the full 50 megawatt portfolio roll out across further Mobile World Investment Corporation locations.
Coro has exclusive rights to install rooftop solar panels on 900 of the consumer electronics retailer’s sites in Vietnam.
As part of this deal, Coro would own the panels and sell the energy they produce directly to Mobile World Investment Corporation through 14-year power purchase agreements.
Coro added on Thursday that talks to sell a stake in the company’s existing rooftop solar portfolio to Capton Energy in return for funding were ongoing, meanwhile.