Coro Energy PLC (AIM:CORO), the Southeast Asia-focused energy company, provided updates on its rooftop solar business in Vietnam, its financial position, and the status of its 2023 Annual Report.
The company announced on March 8, a Power Purchase Agreement (PPA) with Mobile World Group (MWG). The first ten pilot sites, with a capacity of 0.34MW out of the total 50MW project, are now operational and generating revenue.
Following positive discussions with MWG, Coro Energy plans to expand the current PPA to cover an additional 430 sites, approximately 15MW.
Construction on the next 30 sites, around 1MW capacity, is expected to start in early August.
Coro Energy is in advanced talks with several parties about investing in its Vietnamese rooftop solar business to fund the next 430 sites and speed up the larger 50MW project. The company is also working with HDBank to secure a local debt facility to cover 50% of the capital for the MWG project.
The company is coordinating with its Eurobond lenders and other funding sources to secure additional short-term working capital.
In the update, Coro also said expects to publish its 2023 Annual Report by the end of August.
Once the report is published and the necessary working capital is secured, it will seek to lift its suspension from trading on the AIM market of the London Stock Exchange.