Coro Energy in talks to buy 3.25-MW rooftop solar portfolio in Vietnam

UK-based and southeast Asia-focused Coro Energy Plc (LON:CORO) has started exclusive talks to acquire a leased rooftop solar portfolio in Vietnam with a total generating capacity of 3.25 MW.

The discussions are underway with the shareholders of the owner of the assets, namely KIMY Trading and Service JSC (KIMY). The proposed value of the deal stands at up to USD 1.7 million (EUR 1.63m), including the assumption of debt, or USD 548 per MW.

“Any acquisition pursuant to the exclusivity period would take our Vietnam portfolio to 6.258 MW in total, thereby accelerating our solar deployment in Vietnam," Michael Carrington, managing director of Coro Renewables, said in a statement on Friday.

The targeted portfolio spans across four locations close to Saigon and has been operational for two years. The assets have an existing power purchase agreement (PPA) with a remaining 18-year term. The purchaser is state-owned Electricity Vietnam (EVN).

The exclusivity period for the negotiations is set to expire on February 22, 2023. The acquisition hinges on the completion of due diligence and the signing of a definitive agreement, as well as on funding availability.

Coro is an energy company focused on supporting the regional transition to a low-carbon economy. At the end of September, the London-headquartered firm completed the commissioning of a 3-MW rooftop solar pilot project in Vietnam.

(USD 1 = EUR 0.964)

Choose your newsletter by Renewables Now. Join for free!