Coro Energy PLC Receipt of ion Sale Proceeds & Philippines Update (8487K)

TIDMCORO

RNS Number : 8487K

Coro Energy PLC

31 August 2023

Coro Energy Plc

("Coro" or the "Company")

Receipt of ion Sale Proceeds; Philippines Meteorological Mast Procurement

Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces that it has received the GBP1M proceeds due from the sale of ion Ventures Holding Ltd announced on 24 August 2023. It also announces that, further to the successful Wind Energy Service Contract ("WESC") award in the Philippines, it has contracted the meteorological ("met") mast for its 100MW onshore Oslob Wind Power Project.

The Company has two development stage renewables projects in the Municipality of Oslob in the province of Cebu, Philippines; a 100MW onshore solar project and a 100MW onshore wind project. The Company has an entitlement to 88% of the future dividends from these projects. As announced on 24 August 2023, the Company has recently been awarded a WESC for the wind project.

The fabrication, installation, and maintenance of the met mast, which has been designed to meet both local and international standards and conforms to IEC 61400-12-1, is being provided by the leading Philippine met mast specialist, Coastal Renewables Limited at a total cost of US$263,000 including taxes. It is anticipated that data collection will commence by the end of 2023. The wind resources estimates that result from the deployment of the met mast are a critical input for project finance.

The Company wants to develop these projects through to energisation however does expect to have other alternatives available including regional project finance and an outright sale of the projects (noting the liquid market for such projects at RTB with Philippine valuations around US$120,000/MW to US$200,000/MW).

The existing LiDar (laser wind detection analysis) will continue to support the met mast data, being deployed at individual wind turbine locations to add further precision to the available wind resource estimates.

Michael Carrington, Managing Director of Coro Renewables, commented:

"The deployment of a met mast marks our next significant investment in the project, enabling us to further quantify the wind resource and de-risk the project."

For further information please contact:

 
 Coro Energy plc                             Via Vigo Consulting Ltd 
  James Parsons, Executive Chairman 
  Ewen Ainsworth, Chief Financial Officer 
 Cenkos Securities plc (Nominated Adviser)   Tel: 44 (0)20 7397 8900 
  Adrian Hadden 
  Ben Jeynes 
  Katy Birkin 
 Vigo Consulting (IR/PR Advisor)             Tel: 44 (0)20 7390 0230 
  Patrick d'Ancona 
  Finlay Thomson 
 WH Ireland (Broker)                         Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618 
  Harry Ansell 
  Katy Mitchell 
 
 Gneiss Energy Limited (Financial Advisor)   Tel: 44 (0)20 3983 9263 
  Jon Fitzpatrick 
  Doug Rycroft

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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August 31, 2023 02:00 ET (06:00 GMT)

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