Coro Energy "creating a foundation for the future" with prospective Vietnam deal
August 07, 2023 at 09:05 am
Share
(via NewsDirect)
Coro Energy PLC (AIM:CORO) Managing Director - Renewables Michael Carrington speak to Thomas Warner from Proactive London after the South East Asian-focused energy company announced talks with Capton Energy regarding the sale of a stake in Coro's solar portfolio in Vietnam. Carrington explains more about the nature of the proposed deal with Capton Energy, which itself is a joint venture between Desert Technologies and Siemens Financial Services.
The deal aims to capitalise on the growing interest in renewables in Southeast Asia, and in Vietnam particularly. Carrington emphasises the long-term vision of achieving 150 megawatts of rooftop commercial and industrial solar projects. The scalability of rooftop solar, with each one-megawatt project generating around $100,000 annually for 25 years, promises a consistent and substantial revenue stream.
He suggests that the target revenue from the project over the 25-year period could reach an impressive $370-380 million. Carrington says its possible that the deal could be completed it before the agreed four-month window for discussion ends, but emphasises the need for thorough due diligence. He concludes by saying that he believes the deal, if concluded, would be Coro Energy "creating a foundation for the future" in terms of recurring income.
Contact Details
Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
Coro Energy plc is a United Kingdom-based energy company. The Company has a 15% direct interest in the Duyung PSC, West Natuna basin, offshore Indonesia. It has a 20.3% interest in Ventures Holdings Limited (ion Ventures), which is a Southeast Asian and United Kingdom focused developer of clean energy projects. ion Ventures pipeline of energy storage projects includes 50 megawatts (MW) of projects across the Southeast Asian region, including Thailand, the Philippines and Indonesia and 115 MW of shovel-ready projects in the United Kingdom. It operates as a renewable energy developer and operator, with expertise in wind turbine generation and solar PV technologies through Global Energy Partnership Limited. The Company is targeting low carbon energy generation assets and related technologies, such as energy storage. It has two development stage renewables projects in the Oslob onshore of Cebu in the Philippines, a 100 megawatts (MW) solar project and a 100 MW wind project.