Coro confirms first phase of 50-MW rooftop solar project in Vietnam

UK-based and southeast Asia-focused Coro Energy Plc (LON:CORO) said today it has signed a binding agreement for the first phase of an overall 50-MW rooftop solar project in Vietnam across sites of local computer and electronics retailer Mobile World Investment Corporation (VN:MWG).

Following a memorandum of understanding (MoU) inked in October, Coro has now signed a 14-year power purchase agreement (PPA) with Mobile World Group (MWG) to deliver power at the first 10 sites as a pilot phase with a capacity of 430 kW, according to a statement published Friday.

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The offtake agreement, which has an option to be extended under conditions, provides for a variable price with a floor of about USD 0.112 ( EUR 0.102) per kWh.

The installation of the first 10 sites is set to start this month and be wrapped up in 28 days. Upon completion and post-commissioning analysis, Coro will initiate the full-scale rollout of the originally planned 900 MWG locations.

(USD 1 = EUR 0.915)