Coro Energy PLC Vietnam Update -- Project Funding Update (0382A)
18 Enero 2024 - 1:00AM
UK Regulatory
TIDMCORO
RNS Number : 0382A
Coro Energy PLC
18 January 2024
18 January 2024
Coro Energy Plc
("Coro" or the "Company")
Vietnam Update - Project Funding Update
Coro Energy PLC, the South East Asian energy company with a
natural gas and clean energy portfolio, announces the receipt of an
in principle offer from a Vietnamese Bank for project debt finance
and also updates on the exclusivity and indicative funding proposal
from Capton Energy previously announced by the Company.
Following six months of negotiation and due diligence, HDBank of
Vietnam has provided the Company with an in principle commitment
letter to provide debt finance for its 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. It would then be the intention to broaden any
funding arrangement reached to the full scale 50MW roll out across
all 900 project locations.
In addition, and further to the Company's announcement of 3
August 2023 which notified the entry of a four month period of
exclusivity with Capton Energy in respect of an indicative funding
proposal, the Company now updates that, whilst 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.
Further updates will be provided, as appropriate, in due
course.
For further information please contact:
Coro Energy plc Via Vigo Consulting Ltd
James Parsons, Executive Chairman
Cavendish Capital Markets Limited Tel: 44 (0)20 7220 0500
(Nominated Adviser)
Adrian Hadden
Ben Jeynes
Hybridan LLP (Nominated Broker) Tel: 44 (0)20 3764 2341
Claire Louise Noyce
Gneiss Energy Limited (Financial Tel: 44 (0)20 3983 9263
Advisor)
Jon Fitzpatrick
Doug Rycroft
Vigo Consulting (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Finlay Thomson
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK version of the EU Market Abuse Regulation 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended and supplemented from time to time. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
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END
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