Coro Energy commissions 3-MW rooftop solar array in Vietnam

Coro Energy Plc (LON:CORO) announced on Friday that it has completed the commissioning of a 3-MW rooftop solar pilot project in Vietnam.

The UK-based and southeast Asia-focused company said that the solar array now delivers electricity to Vietnamese textiles manufacturer Phong Phu under a 25-year power purchase agreement (PPA).

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With more than 4,500 solar panels, the system was installed across four factory roofs, covering 16,120 square metres (173,514 sq ft) in total.

Michael Carrington, Renewables Managing Director, noted that this commissioning marks the firm's first revenue stream in Vietnam. Coro Energy estimates that the PPA will bring cash flows of around USD 0.3 million (EUR 0.3m) per year.

According to a statement made by the energy company in April, Phong Phu had committed to buying 3 MW of solar capacity from a 5-MW rooftop PV plant, which, in turn, is part of a 150-MW project bundle.

(USD 1.0 = EUR 1.026)