3 August 2023
Coro Energy Plc
("Coro" or the "Company" and together with its subsidiaries the "Group")
Vietnam Renewables Funding Exclusivity
Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces that it has received an indicative funding proposal from and is now in advanced talks with Capton Energy regarding possible co-investment solutions for Coro's Vietnamese rooftop solar projects. Capton Energy, based in Dubai, is a joint venture between Siemens Financial Services and Desert Technologies. The platform is focused on Energy Transition infrastructure in Africa, the Middle East, and Asia. The funding proposal received is for Capton to buy into Coro's current Vietnamese solar projects and provide investment into Coro's project pipeline of up to 50 megawatts. Coro has committed to a four-month period of exclusivity for the parties to conclude the transaction.
Michael Carrington, Managing Director of Coro Renewables, commented:
"We are delighted to be working with Capton Energy, who have both a substantial balance sheet and strong experience in renewables deployment. We look forward to finalising the arrangements."
Umer Ahmad, Chief Executive & Chief Investment Officer of Capton Energy, commented:
"Through its collaboration with Coro Renewables, Capton Energy is looking to leverage both parties' capabilities and experience to support underserved sectors of the market with their energy needs, by utilizing renewable technologies to positively impact communities and industries. "
For further information please contact:
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Coro Energy plc James Parsons, Executive Chairman Ewen Ainsworth, Chief Financial Officer Capton Energy DMCC Umer Ahmad, Chief Executive & Chief Investment Officer |
Via Vigo Consulting Ltd Tel: +971 (4) 448 7161 |
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Cenkos Securities plc (Nominated Adviser) Ben Jeynes Katy Birkin |
Tel: 44 (0)20 7397 8900 |
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Vigo Consulting (IR/PR Advisor) Patrick d'Ancona Charlie Neish |
Tel: 44 (0)20 7390 0230 |
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WH Ireland (Broker) Harry Ansell Katy Mitchell |
Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618 |
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Gneiss Energy Limited (Financial Advisor) Jon Fitzpatrick Doug Rycroft |
Tel: 44 (0)20 3983 9263 |
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