Coro Energy PLC (AIM:CORO) managing director Michael Carrington joined Proactive's Stephen Gunnion with details of a debt finance agreement 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. This would stretch to ten prospective locations for rooftop solar to be fitted initially and would cover half of the capital needed for each.
Carrington highlighted the significant role of debt finance in this endeavor, notably from HDX Bank, a local Vietnamese institution experienced in rooftop solar financing.
This initiative is in partnership with Mobile World Investment Corp (MWG), presenting a substantial opportunity for Coro Energy. Carrington explained the pilot project's funding, which is just under $300,000 for 10 sites, with HDX Bank committing to 50% of the debt finance. This prudent approach ensures a thorough evaluation before broader implementation.