Coro Energy PLC (AIM:CORO) has signed a power purchase agreement (PPA) with Mobile World Group (MWG), marking a pivotal step in the pilot phase of the 50MW rooftop solar project.
This development follows the company's previous announcement on 10 October 2023 regarding the signing of a memorandum of understanding and exclusivity with Mobile World Investment Corporation.
The focus is the installation of rooftop solar systems across an initial portfolio of 900 company sites, collectively expected to achieve around 50MW of solar capacity.
The newly signed, binding 14-year PPA with MWG is to deliver power at the first ten sites of this venture, with a combined capacity of 430kw.
Initial-stage construction is scheduled to start in March 2024, with a completion timeline of 28 days.
Coro is expected to fund the pilot phase from existing resources and an expected debt facility from HDBank.