Coro Energy PLC, a South East Asian energy company, has received an in-principle offer from HDBank of Vietnam for project debt finance. This offer is for the previously announced 50MW MOU with Mobile World Investment Corporation to install rooftop solar systems across their portfolio. The non-binding commitment letter initially focuses on funding for the ten locations in the pilot stage and would cover 50% of the total capital required for these locations. The intention is to broaden any funding arrangement reached to the full-scale 50MW roll out across all 900 project locations.
Additionally, the company has provided an update on the exclusivity and indicative funding proposal from Capton Energy. Although the exclusivity with Capton Energy has expired, detailed negotiations on transaction documents continue in respect of the potential sale by the Company of a stake in the Company's revenue-producing 3MW pilot project in Vietnam.
Coro Energy PLC will provide further updates as appropriate in due course. For further information, the company can be contacted through the provided channels.
This update showcases the progress made by Coro Energy PLC in securing project debt finance from HDBank of Vietnam for their solar energy project and the ongoing negotiations with Capton Energy for a potential sale of a stake in their revenue-producing pilot project in Vietnam.