Thu, Aug 29, 2024, 08:02:00
Coro Energy via one of its Vietnam-domiciled subsidiaries, has signed a second binding 14-year power purchase agreement (PPA) in Vietnam with Mobile World Group (MWG). The PPA aims to deliver power from 30 sites with a capacity of circa 1MW.
The terms of the PPA are consistent with those announced on March 8, 2024, whereby the PPA term is extendable in certain circumstances and includes a variable price with a floor of about $11.2 cents per kilowatt-hour.
Construction work at these sites is expected to begin imminently and to conclude approximately 28 days following commencement.
To facilitate the construction, Coro Energy has signed an engineering, procurement, and construction (EPC) contract for these sites. The company has agreed upon payment arrangements with the EPC provider which will in effect provide deferred payment terms for 85 per cent of the EPC costs, subject to a cap of $1 million.
In addition to this development, Coro Energy is in advanced discussions to secure PPAs for an additional 350 sites in Vietnam. The move is part of the company's efforts to expand its footprint in the region's clean energy sector.
