Coro Energy Expands Vietnam Rooftop Solar Portfolio with New 1.6MW Contract

Coro Energy PLC has secured an additional customer for its Vietnam rooftop solar platform through the signing of 25 year equipment lease and operations and maintenance contracts with An Viet Phat Group. The agreement encompasses an initial 1.6 megawatt rollout across two manufacturing facilities.

The AIM listed company confirmed that the installations will proceed under a rooftop solar leasing structure designed to comply with recent amendments to Vietnam’s electricity legislation. An engineering, procurement and construction contract has been executed with Peb Steel Buildings Company Limited, with construction works scheduled to commence during April.

The firm stated that existing cash reserves will finance the initial site installations. However, the strategic significance of the arrangement extends beyond the immediate deployment.

Coro Energy disclosed that it has entered advanced negotiations with AVP concerning an additional five manufacturing facilities representing estimated capacity of 8.4 megawatts. Should these discussions conclude successfully, the total capacity across AVP facilities would reach 10.0 megawatts.

An Viet Phat operates as a privately held Vietnamese conglomerate concentrating on biomass energy and wood derived products. According to Coro Energy, the group ranks amongst the world’s foremost wood pellet exporters, providing a substantial industrial base for potential solar deployment.

Chairman Tom Richardson emphasised that the potential expansion from 1.6 megawatts to 10.0 megawatts demonstrated both the replicability of Coro’s business model and the substantial depth of its project pipeline. The company noted that projects of this nature are expected to be included within the portfolio supporting its previously announced proposed senior secured debt facility, once final arrangements for that financing structure are completed.

The transaction represents a continuation of Coro Energy’s strategy to develop distributed solar generation capacity within Vietnam’s evolving renewable energy market through long term contractual arrangements with established industrial customers.