Coro offers exciting energy transition opportunity
- Coro Energy well placed to continue momentum as it prioritises low carbon investments
- Coro Energy tidying up and positioned as energy transition opportunity
- SP Angel sees possible cash generation boost for Coro Energy
- Coro Energy extends energy transition with Vietnam rooftop solar deal
Quick facts: Coro Energy PLC
Price: 0.259 GBX
Market Cap: £5.47 m
About the company
Coro Energy is a South East Asian focused energy company with a growth strategy centred on low carbon energy investments, supported by a high quality gas asset.
Energy demand in South East Asia is forecast to increase significantly to 2040 driven by increasing population and growing wealth. Coro is investing in energy assets to meet this growing demand, while supporting the regional transition to a low carbon economy.
Our regional growth strategy is underpinned by a 15% interest in the Duyung PSC, containing the 495 Bcf (2C gross) Mako gas field, located offshore Indonesia.
How it is doing
Coro Energy PC chief executive Mark Hood told investors the company made progress in the first half as it transitioned from a hydrocarbon-led strategy to one centred on low carbon energy investments.
In its interim results statement, Hood said having secured an exciting portfolio of clean energy projects across South East Asia, the company is well placed to continue this momentum through the remainder of 2021 and into next year.
During the period under review Coro acquired Global Energy Partnership Ltd, an originator and developer of renewable energy projects, established operating infrastructure in the Philippines as it advanced permitting activities for a 100MW solar project, and continued progress towards the commercialisation of the Mako gas field.
It also agreed a deal with Dubai Energy Partners Inc which sees the AIM-quoted firm divest its Italian hydrocarbons unit for €300,000.
Insight: Coro Energy tidying up and positioned as energy transition opportunity
Coro Energy PLC (LON:CORO) has this week cleaned up its portfolio, reaffirming its focus and commitment to an ambitious strategy that aims to position it as an attractive energy transition investment opportunity.
The AIM-quoted small-cap energy firm is to balance renewable energy, comprising solar and wind, along with natural gas in South East Asia.
What the brokers say
On Monday, Coro announced a deal to acquire a portfolio of planned rooftop solar projects comprising a total of 150 megawatts of generating capacity - starting with a 5 MW pilot project.
“An interesting acquisition in our view, effectively diversifying the company’s SE Asian portfolio,” said SP Angel analyst Sam Wahab said in a note. “Vietnam remains one of the highest growth markets at the forefront of the regional transition to clean energy.
What management says
Coro Energy PLC (LON:CORO) CEO Mark Hood talks to Proactive London's Katie Pilbeam about their deal to acquire a portfolio of planned rooftop solar projects comprising a total of 150 megawatts of generating capacity - starting with a 5 MW pilot project.
Hood says this transaction enables the firm to secure access to a significant portfolio in Vietnam which should see cash generative projects with short development cycles.
He says he is 'delighted' that Coro are able to achieve this with minimal upfront development capital and adds there will be significant news flow and high returns to come.
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