Coro signs solar energy deal with Vietnam electronics retailer

Coro Energy announced a new sustainable energy venture on Tuesday by signing a memorandum of understanding (MoU) with Vietnam-based Mobile World Investment Corporation to launch a series of rooftop solar projects across the country.

The AIM-traded energy firm said it would collaborate with the consumer electronics retailer Mobile World, which operates at 3,600 locations throughout Vietnam.

It said the partnership could inaugurate 360 MW of rooftop solar capacity across the chain’s locations.

The MoU entitled Coro to an exclusivity clause on an initial 900 company sites, approximating an estimated 50 MW of rooftop solar capacity.

Coro said those sites would be strategically located in Vietnam's central and southern regions, which receive the nation’s highest solar irradiation.

The arrangement outlined in the MoU would see Coro construct, own, and operate each rooftop solar system.

Furthermore, Coro would sell all electricity generated directly to each Mobile World location under a 14-year power purchase agreement.

The agreement, subject to extension under certain conditions, would see variable pricing with a baseline price of 11.2 US cents per kilowatt-hour.

“I am delighted to announce our strategic tie-up with Mobile World Investment Corporation, as we move at pace towards scale, focused on long-term, solid cash flows and funded largely by industry players we intend to farm into the portfolio,” said Coro’s managing director of renewables, Michael Carrington.

At 1605 BST, shares in Coro Energy were up 1.96% at 0.26p.

Reporting by Josh White for Sharecast.com.