Southeast Asian energy company Coro Energy PLC announced on January 16 that a 47 further sites (circa 1.4MW) in Vietnam are now operational and generating revenue.
As previously announced in October 2023, the company signed an MoU in Vietnam with Mobile World Group (MWG) granting Coro exclusivity on an initial 900 company sites (estimated at 50MW of rooftop solar capacity) in the central and southern regions of Vietnam where solar irradiation is the highest in the country. Coro will build, own, and operate each rooftop solar system and sell all generated electricity directly to each Mobile World Investment Corporation location under a 14-year power purchase agreement (PPA), extendable in certain circumstances.
The PPA was signed in March 2024 alongside an addendum covering the first 10 sites (c 0.4MW) as a pilot phase, which achieved a commercial operational date (COD) in July 2024. The company then signed an additional addendum covering the next 30 sites in August 2024, of which 27 sites (c 0.8MW) achieved COD on November 2024. The company then signed an additional addendum covering the next 50 sites in September.
47 (circa 1.4MW) of these 50 sites are now operational and generating revenue (the remaining three sites having been temporarily deferred). This brings the current total operational sites with MWG in Vietnam to 84 sites (circa 2.6 MW) with estimated annual run-rate cash flows of approximately $350,000.
Together with the group's existing 3MW project with Phong Phu Corporation, Coro has a total of 5.6MW of operating rooftop solar assets in Vietnam, generating run-rate cash flows of approximately $600,000 per year.
