Coro Energy PLC on Friday entered a three-month period of exclusivity with the shareholders of KIMY Trading & Service Joint Stock Co to acquire its leased rooftop solar portfolio in Vietnam.
The London-based gas project developer plans to acquire KIMY Trading’s portfolio for $1.7 million, including an assumption of $1.0 million by Coro Energy of existing specialist renewables debt with a Vietnamese bank.
For the remaining $700,000, Coro Energy said $200,000 is payable on the completion of any acquisition in new ordinary shares, and $250,000 will be given in cash upon completion. A further $250,000 cash in total will be delivered in six equal monthly instalments from the completion of the sale.
The period of exclusivity will expire in February.
‘I am delighted with this exclusivity period which allows the company to commence a deep dive due diligence. Any acquisition pursuant to the exclusivity period would take our Vietnam portfolio to 6.258 megawatts in total, thereby accelerating our solar deployment in Vietnam,’ Michael Carrington, managing director of Coro Renewables, said.
Coro Energy shares were up 3.1% to 0.33 pence on Friday afternoon in London.
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