Business
Acquisition of interest in ion Ventures Holdings
Acquisition of interest in ion Ventures Holdings.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8487D\n Coro Energy PLC\n 02 November 2020\n \n \n \n This announcement contains inside information\n \n 2 November 2020\n Coro Energy plc\n (\"Coro\" or the \"Company\")\n \n Acquisition of interest in ion Ventures Holdings Ltd\n \n Coro Energy plc, the South East Asian energy company focused on supporting the regional transition to a low carbon economy, is delighted to announce its maiden clean energy investment. \n \n The Company has acquired a 20.3% shareholding in ion Ventures Holdings Limited (\"ion Ventures\" or \"ion\"), a South East Asian and UK focused developer of clean energy projects, including renewables and battery storage for cash consideration of £500,000.\n \n Alongside this initial investment, the Company has been granted a priority right of first refusal (\"ROFR\") to invest in each of ion Venture's South East Asian projects prior to financial close. Coro joins the ion founders as joint largest shareholder of ion Ventures, and will benefit from shareholder rights which are set out in an industry standard shareholder agreement, including the right for a Coro representative to sit on the ion Ventures board of directors. \n \n Acquisition Rationale:\n \n \n · Provides Coro with immediate access to the existing ion Ventures pipeline of approximately 20 high quality clean energy projects across South East Asia, alongside a UK project pipeline. The more mature projects include construction ready projects which are expected to be capable of becoming cash generative within 12 months and Coro will have optionality as to future investment in specific ion Ventures projects via the ROFR.\n \n · Provides Coro with direct access to, and alignment with, a team of regional experts with a depth of knowledge in the clean energy space.\n \n In September 2020, Coro announced a revised South East Asian strategy to include a specific focus on renewable energy assets and related technologies, including battery storage. South East Asia, despite including some of the fastest growing economies globally, is still largely dependent on coal and requires a significant investment in renewable energy generation and energy storage capacity to continue the transition to a low carbon economy, including the associated electrification of transport, resident...