Business
Operational Update
Operational Update.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2071V\n Coro Energy PLC\n 13 April 2021\n \n \n \n \n 13 April 2021\n \n \n \n \n \n Coro Energy Plc\n \n \n (\"Coro\" or the \"Company\")\n \n \n \n \n \n Operational Update\n \n \n \n \n \n Coro Energy Plc, the South East Asian energy company focused on supporting the regional transition to a low carbon economy, is pleased to provide an operational update following the recent acquisition of \n Global Energy Partnership Limited\n and its portfolio of operated renewables projects.\n \n \n \n \n \n \n Highlights\n \n \n \n \n · \n Structuring of local Philippines project holding company commenced\n \n \n · \n Work to progress the flagship 100MW wind and 100MW solar projects in the Visayas region of the Philippines initiated, including discussions on the Energy Service Contracts, local landlord engagement, Environmental Impact Assessment, Grid Impact Assessment and the negotiation of Power Purchase Agreements \n \n \n · \n Initiation of a comprehensive data gathering campaign at the 100MW onshore Philippine wind project \n \n \n · \n These activities have been commenced with a view to positioning the Company to have both projects construction ready by mid-2022 and, subject to availability of project financing, maiden revenues achieved some 12 months later\n \n \n · \n Operator of the Duyung PSC, Conrad Petroleum, to submit updated Plan of Development (\"POD\") for the Duyung gas project in due course\n \n \n Operated Renewables Portfolio\n \n \n \n \n \n The Company has made considerable progress in recent weeks in establishing its operating infrastructure in the Philippines, with the structuring of a local holding company underway through which the Group's current and future Philippine interests will be developed, contracted and managed. \n \n \n \n \n \n Alongside establishing the operating infrastructure, the Company is successfully advancing key elements of its flagship 100MW wind project, and 100MW solar project, both located in the Visayas region of the Philippines including:\n \n \n · \n Initiation of discussions on the Energy Services Contracts (\"ESCs\") required to define the scale, technology and location of the projects giving approval to act as project developer, expected to be finalised by end Q2 2021;\n \n \n · \n Initiation of local land...