Coro Energy PLC Mobile World Group Power Purchase Agreement
March 08 2024 - 7:00AM
RNS Regulatory News
RNS Number : 1887G
Coro Energy PLC
08 March 2024
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
|
|
|
Gneiss Energy Limited (Financial Advisor)
Jon Fitzpatrick
Doug Rycroft
|
Tel:
44 (0)20 3983 9263
|
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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END
AGRUPUGAWUPCGGR
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