Coro Energy PLC (AIM:CORO) has announced further expansion of its rooftop solar business in Vietnam through a new 14-year Power Purchase Agreement (PPA) with Mobile World Group (MWG).
This marks the second PPA the company has signed with MWG, covering 30 sites with a total capacity of approximately 1MW.
The agreement includes a variable price structure with a minimum price of US$11.2 cents per kilowatt hour, and it can be extended under certain conditions.
Construction work on these sites is scheduled to commence imminently and is expected to be completed within 28 days from the start date.
To facilitate the construction, Coro Energy has also signed an Engineering, Procurement, and Construction (EPC) contract.
The payment terms under this contract allow the company to defer 85% of the EPC costs for two months, capped at US$1 million.
In addition to this development, Coro Energy is in advanced discussions to secure PPAs for an additional 350 sites in Vietnam, further expanding its footprint in the clean energy sector in the region.
