Following six months of negotiation and due diligence, HDBank 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 sites.

The non-binding commitment letter initially focuses on funding for the ten locations in the pilot stage and would cover half 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.

The MoU with Mobile World Investment Corporation was signed in October. It grants Coro exclusivity on an initial 900 company sites in the central and southern regions of Vietnam, where solar irradiation sees the country's highest levels.

Under the MoU, Coro will build, own, and operate each rooftop solar system and sell all generated electricity directly to each Mobile World Investment Corporation location under a 14-year Power Purchase Agreement, extendable in certain circumstances, with variable pricing and a floor price of 11.2 US cents per kilowatt hour.

Installing solar energy on the rooftops of production facilities, warehouses, and other commercial establishments provides a viable and environmentally friendly complement to Vietnam’s current power sources. According to data from the Ministry of Industry and Trade, Vietnam has installed approximately 200MW of rooftop solar power systems over the past three years.