Coro Energy Plc, a Southeast Asian energy firm listed on the London Stock Exchange, has been granted authorization to advance its ambitious onshore wind farm initiative in the Philippines.
In a statement released on Tuesday, the company confirmed that its application for the wind energy service contract (WESC) pertaining to the Oslob project has received formal endorsement from the Philippine Department of Energy.
The WESC, a critical regulatory milestone, is awarded following a rigorous assessment process covering legal, technical, and financial aspects of proposed wind power projects intended for commercial operation.
The contract, spanning a 25-year term with the potential for a one-time extension of an additional 25 years, outlines two key phases: an initial pre-development stage capped at three years, succeeded by the development and commercial phase encompassing the remainder of the contract period.
Oslob marks Coro Energy's second venture into wind energy projects in the Philippines. Notably, the new project will capitalize on existing infrastructure synergies, sharing a meteorological mast with the company's nearby wind farm.
