Business
Receipt of ion Sale Proceeds & Philippines Update
Receipt of ion Sale Proceeds & Philippines Update.
About this update from Coro Energy Plc
[{"type":"text","content":"\n\n31 August 2023\n \nCoro Energy Plc\n(\"Coro\" or the \"Company\")\n \nReceipt of ion Sale Proceeds; Philippines Meteorological Mast Procurement\n \nCoro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio, announces that it has received the £1M 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.\n \nThe 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.\nThe 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. \n \nThe 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).\n \nThe 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.\n \nMichael Carrington, Managing Director of Coro Renewables, commented:\n \n\"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.\"\n For further information please contact:\n\n\n\n\nCoro Energy plc\nJames...