Coro Energy PLC (AIM:CORO) said that its C&I rooftop solar business in Vietnam is now operating and generating revenue from 27 further sites (around 0.8MW).
The company has an agreement with Mobile World Group (MWG) granting Coro exclusivity on an initial 900 company sites (estimated at 50MW of rooftop solar capacity) in the central and southern regions of Vietnam.
Coro builds, owns, and operates each rooftop solar system and sells all generated electricity directly to MWG Corporation under a 14-year Power Purchase Agreement.
Currently, 37 sites are operational with MWG in Vietnam (circa 1.2MW) with 50 more sites (c1.9MW) under construction and expected to come on stream during November.
To help fund the roll-out Coro added it had increased the size of a previously arranged convertible loan.
Originally US$500,000, the loan has been increased to US$750,000. Fenisko, where Coro chairman Tom Richardson is a director, is providing the loan.
Richardson, commented: "This additional financing ensures the company can maintain progress with the Mobile World Group project in Vietnam whilst we continue to work towards a longer-term solution with our debt holders."