Coro Energy PLC (AIM:CORO) has reported further progress in Vietnam, where its advancing a commercial and industrial (C&I) rooftop solar business.
The company highlighted that it is delivering on a planned expansion strategy in the country with additional capacity currently under construction.
Coro presently has 10 producing sites generating approximately 0.4 MW of power, with a further 1 MW of capacity under construction in partnership with Mobile World Group (MWG).
It also now signed a new 14-year Power Purchase Agreement (PPA) to deliver power to an additional 50 sites, which will increase the contracted capacity by 1.9 MW.
In total, that will bring the total contracted capacity to 3.3 MW across 90 sites in Vietnam.
Construction on the new sites is set to begin soon, with each site expected to be completed approximately 28 days after commencement.
To support the construction, Coro Energy has entered into an Engineering, Procurement, and Construction (EPC) contract.
Under the contract, the company benefits from deferred payment terms for 85% of the EPC costs, capped at US$1 million. The deferred payment, subject to a 12% annual coupon and a 2% fee, will amount to US$1.5 million once the new sites are operational.