Coro Energy PLC has announced the signing of a Power Purchase Agreement (PPA) with Mobile World Group (MWG) to cover the pilot phase of a 50MW project. This agreement follows a memorandum of understanding and exclusivity signed with MWG in October 2023 for the installation of rooftop solar systems across an initial portfolio of 900 company sites with an estimated 50MW of rooftop solar capacity. The binding 14-year PPA with MWG will deliver power at the first ten sites as a pilot phase with a capacity of 430kw. The PPA includes a variable price with a floor of circa US$11.2 cents / kilowatt hour. Construction work at these sites is set to begin in March 2024 and is expected to conclude 28 days later.
The capital required for the pilot phase is expected to be funded from existing in-country Group resources and from a debt facility provided by HDBank, who have issued a non-binding commitment letter in respect of the pilot locations. On successful commissioning of the ten pilot sites, the Company will review the learnings from the pilot stage and initiate the full-scale rollout targeting all 900 MWG locations.
For further information, interested parties can contact Coro Energy plc. The company's executive chairman, James Parsons, can be reached via Vigo Consulting Ltd. The Nominated Adviser is Cavendish Capital Markets Limited, and the Nominated Broker is Hybridan LLP. Gneiss Energy Limited serves as the Financial Advisor, and Vigo Consulting is the IR/PR Advisor.
This announcement signifies a significant step for Coro Energy PLC in its efforts to expand its clean energy portfolio and marks a strategic partnership with MWG to deliver sustainable power solutions.