RNS Number : 1367I
Coro Energy PLC
03 August 2023
 

3 August 2023

 

Coro Energy Plc

("Coro" or the "Company" and together with its subsidiaries the "Group")

 

Vietnam Renewables Funding Exclusivity

 

Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces that it has received an indicative funding proposal from and is now in advanced talks with Capton Energy regarding possible co-investment solutions for Coro's Vietnamese rooftop solar projects. Capton Energy, based in Dubai, is a joint venture between Siemens Financial Services and Desert Technologies. The platform is focused on Energy Transition infrastructure in Africa, the Middle East, and Asia. The funding proposal received is for Capton to buy into Coro's current Vietnamese solar projects and provide investment into Coro's project pipeline of up to 50 megawatts. Coro has committed to a four-month period of exclusivity for the parties to conclude the transaction.

 

 

Michael Carrington, Managing Director of Coro Renewables, commented:

 

"We are delighted to be working with Capton Energy, who have both a substantial balance sheet and strong experience in renewables deployment. We look forward to finalising the arrangements."

 

Umer Ahmad, Chief Executive & Chief Investment Officer of Capton Energy, commented:


"Through its collaboration with Coro Renewables, Capton Energy is looking to leverage both parties' capabilities and experience to support underserved sectors of the market with their energy needs, by utilizing renewable technologies to positively impact communities and industries. "

 

For further information please contact:

Coro Energy plc

James Parsons, Executive Chairman

Ewen Ainsworth, Chief Financial Officer

 

Capton Energy DMCC

Umer Ahmad, Chief Executive & Chief Investment Officer

 

 

Via Vigo Consulting Ltd

 

 

 

Tel: +971 (4) 448 7161

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

Tel: 44 (0)20 7397 8900

Vigo Consulting (IR/PR Advisor)

Patrick d'Ancona

Charlie Neish

 

Tel: 44 (0)20 7390 0230

WH Ireland (Broker)

Harry Ansell

Katy Mitchell

 

Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618

 

 


Gneiss Energy Limited (Financial Advisor)

Jon Fitzpatrick

Doug Rycroft

 

Tel: 44 (0)20 3983 9263

 

 

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