Coro Energy Plc has announced a strategic move to elevate its stake in its Vietnamese venture from 85% to 92.5%, as the company gears up for the launch of a substantial 50-MW rooftop solar project in Vietnam.
The Southeast Asia-focused energy investor has reached an agreement to acquire an additional 7.5% of shares from its partner, Invest Gains Viet Nam Company Limited, within Coro Renewables VN1 Joint Stock Company—the Vietnamese holding entity for Coro's investments in the country.
The transaction, valued at approximately USD 290,000 (EUR 265,840), involves a combination of cash and Coro's shares. Coro will initiate the process with an immediate cash payment of USD 100,000, followed by GBP 150,000 (USD 188,436/EUR 172,750) in its shares priced at GBP 0.004 per share. Additionally, there is a contingent consideration of GBP 50,000 in shares at the same price if Coro achieves 100 MW of solar generation in Vietnam.
This ownership restructuring aligns with Coro's recent commitment to installing 50 MW of rooftop solar power systems for a corporate customer in Vietnam. Michael Carrington, Managing Director Renewables, commented, “This transaction, timed as we move towards finalizing our previously announced Vietnam funding arrangements with a view to initiating our rollout of the 50MW rooftop solar project, increases Coro's equity in the Vietnamese business and aligns our partners with Coro's shareholders.” The move underscores Coro Energy's strategic positioning in the dynamic Vietnamese renewable energy landscape.
