8 March 2024
Coro Energy Plc
("Coro" or the "Company" and together with its subsidiaries the "Group")
Mobile World Group Power Purchase Agreement
Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces the signature of a Power Purchase Agreement ("PPA") with Mobile World Group ("MWG") to cover the pilot phase of the 50MW project.
Further to the Company's announcement on 10 October 2023 that the Group had signed a memorandum of understanding and exclusivity with Mobile World Investment Corporation in respect of the installation of rooftop solar systems across an initial portfolio of 900 company sites with an estimated 50MW of rooftop solar capacity, the Company has now signed a binding 14-year power purchase agreement with MWG to deliver power at the first ten sites as a pilot phase with a capacity of 430kw. The PPA term is extendable in certain circumstances and includes a variable price with a floor of circa US$11.2 cents / kilowatt hour. Construction work at these sites will begin in March 2024 and is expected to conclude 28 days later. The capital required for the pilot phase is expected to be funded from existing in-country Group resources and from a debt facility expected to be provided by HDBank who have provided a non-binding commitment letter in respect of the pilot locations, details of which were announced by the Company on 18 January 2024.
On successful commissioning of the ten pilot sites, the Company will review the learnings from the pilot stage and initiate the full-scale rollout targeting all 900 MWG locations.
For further information please contact:
| Coro Energy plc James Parsons, Executive Chairman
| Via Vigo Consulting Ltd
|
| Cavendish Capital Markets Limited (Nominated Adviser) Adrian Hadden Ben Jeynes
| Tel: 44 (0)20 7220 0500 |
| | |
| Hybridan LLP (Nominated Broker) Claire Louise Noyce | Tel: 44 (0)20 3764 2341
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| Gneiss Energy Limited (Financial Advisor) Jon Fitzpatrick Doug Rycroft
| Tel: 44 (0)20 3983 9263
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| Vigo Consulting (IR/PR Advisor) Patrick d'Ancona Finlay Thomson
| Tel: 44 (0)20 7390 0230 |
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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