Coro Energy PLC Vietnam Update -- Project Funding Update (0382A)

TIDMCORO

RNS Number : 0382A

Coro Energy PLC

18 January 2024

Coro Energy Plc

("Coro" or the "Company")

Vietnam Update - Project Funding Update

Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces the receipt of an in principle offer from a Vietnamese Bank for project debt finance and also updates on the exclusivity and indicative funding proposal from Capton Energy previously announced by the Company.

Following six months of negotiation and due diligence, HDBank of Vietnam has provided the Company with an in principle commitment letter to provide debt finance for its previously announced 50MW MOU with Mobile World Investment Corporation to install rooftop solar systems across their portfolio . The non-binding commitment letter initially focuses on funding for the ten locations in the pilot stage and would cover 50% of the total capital required for these locations. It would then be the intention to broaden any funding arrangement reached to the full scale 50MW roll out across all 900 project locations.

In addition, and further to the Company's announcement of 3 August 2023 which notified the entry of a four month period of exclusivity with Capton Energy in respect of an indicative funding proposal, the Company now updates that, whilst exclusivity with Capton Energy has expired, detailed negotiations on transaction documents continue in respect of the potential sale by the Company of a stake in the Company's revenue producing 3MW pilot project in Vietnam.

Further updates will be provided, as appropriate, in due course.

   For   further information please contact: 
 
 Coro Energy plc                      Via Vigo Consulting Ltd 
  James Parsons, Executive Chairman 
 Cavendish Capital Markets Limited    Tel: 44 (0)20 7220 0500 
  (Nominated Adviser) 
  Adrian Hadden 
  Ben Jeynes 
 
 Hybridan LLP (Nominated Broker)      Tel: 44 (0)20 3764 2341 
  Claire Louise Noyce 
 
 Gneiss Energy Limited (Financial     Tel: 44 (0)20 3983 9263 
  Advisor) 
  Jon Fitzpatrick 
  Doug Rycroft 
 Vigo Consulting (IR/PR Advisor)     Tel: 44 (0)20 7390 0230 
  Patrick d'Ancona 
  Finlay Thomson

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFLFLVLEIDLIS

(END) Dow Jones Newswires

January 18, 2024 02:00 ET (07:00 GMT)

Coro Energy (LSE:CORO)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024