Coro gets £1m from Ion sale, contracts met mast for wind project

South East Asian energy company Coro Energy announced on Thursday that it had received £1m from the sale of Ion Ventures, as well as contracted the meteorological mast for its 100MW onshore Oslob Wind Power Project.

The AIM-traded firm said it had two development-stage renewables projects in the Municipality of Oslob in the province of Cebu, Philippines - a 100MW onshore solar project, and a 100MW onshore wind project.

It said it had an entitlement to 88% of the future dividends from those projects.

The fabrication, installation, and maintenance of the met mast, which had been designed to meet both local and international standards, was being provided by Philippine met mast specialist, Coastal Renewables, at a total cost of $0.26m including taxes.

Coro said it was anticipated that data collection would start by the end of 2023, with the wind resources estimates described as a critical input for project finance.

The company said it was aiming to develop the projects through to energisation, but it did expect to have other alternatives available, including regional project finance and an outright sale of the projects.

Coro said the existing LiDar, or laser wind detection analysis, would continue to support the met mast data, being deployed at individual wind turbine locations to add further precision to the available wind resource estimates.

“The deployment of a met mast marks our next significant investment in the project, enabling us to further quantify the wind resource and de-risk the project,” said managing director Michael Carrington.

At 1313 BST, shares in Coro Energy were up 2.68% at 0.23p.

Reporting by Josh White for Sharecast.com.