Vietnam Update – Project Funding Update

Coro Energy PLC

18 January 2024

 

18 January 2024

Coro Energy Plc

("Coro" or the "Company")

Vietnam Update - Project Funding Update

Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces the receipt of an in principle offer from a Vietnamese Bank for project debt finance and also updates on the exclusivity and indicative funding proposal from Capton Energy previously announced by the Company.

Following six months of negotiation and due diligence, HDBank of Vietnam has provided the Company with an in principle commitment letter to provide debt finance for its previously announced 50MW MOU with Mobile World Investment Corporation to install rooftop solar systems across their portfolio.  The non-binding commitment letter initially focuses on funding for the ten locations in the pilot stage and would cover 50% of the total capital required for these locations.  It would then be the intention to broaden any funding arrangement reached to the full scale 50MW roll out across all 900 project locations.

In addition, and further to the Company's announcement of 3 August 2023 which notified the entry of a four month period of exclusivity with Capton Energy in respect of an indicative funding proposal, the Company now updates that, whilst exclusivity with Capton Energy has expired, detailed negotiations on transaction documents continue in respect of the potential sale by the Company of a stake in the Company's revenue producing 3MW pilot project in Vietnam.  

Further updates will be provided, as appropriate, in due course.

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: [phone]
Hybridan LLP (Nominated Broker) Claire Louise Noyce	Tel: [phone]
Gneiss Energy Limited (Financial Advisor) Jon Fitzpatrick Doug Rycroft	Tel: [phone]
Vigo Consulting (IR/PR Advisor) Patrick d'Ancona Finlay Thomson	Tel: [phone]

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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