Coro Energy PLC, a South East Asian energy company, has provided a corporate update on its C&I rooftop solar business in Vietnam, its funding position, and the Company's Annual Report and Accounts for the year ended 31 December 2023.
The company has announced the successful operation and revenue generation of the first ten pilot sites, with a capacity of 0.34MW, out of the total 50MW project in Vietnam. It is also in advanced discussions with potential investors to fund the next 430 sites and accelerate the roll-out of the larger 50MW project. Additionally, Coro Energy PLC is working with HDBank to secure a local debt facility to cover 50% of the capital on the MWG project.
The 2023 Annual Report is expected to be published before the end of August, and the company is working with its Eurobond lenders and other funding parties to provide additional near-term working capital. Once the additional near-term working capital is secured, the company will seek to lift its suspension from trading on the AIM market of the London Stock Exchange.
For more details, the full announcement can be accessed on the company's website.