Coro Energy PLC (AIM:CORO) has said that a further 47 rooftop solar panel sites (around 1.4MW) in Vietnam are now operational and revenue-generating.
Mobile World Group (MWG) has granted Coro exclusivity on an initial 900 company sites (estimated at 50MW of rooftop solar capacity) in the central and southern regions of Vietnam where solar irradiation is the highest in the country.
Coro will build, own, and operate each rooftop solar system and sell all generated electricity directly to each Mobile World Investment Corporation location under a 14-year Power Purchase Agreement.
The current total operational sites with MWG in Vietnam now number 84 sites (circa 2.6 MW) as of today's date with estimated annual run-rate cash flows of approximately US$350,000.
Together with the group's existing 3MW project with Phong Phu Corporation, Coro has 5.6MW of operating C&I rooftop solar assets in Vietnam generating run-rate cash flows of approximately US$600,000 per annum.