Vietnam Update

20 March 2025

Coro Energy Plc

("Coro" or the "Company")

Vietnam Update  

Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio is delighted to announce that it has signed a further addendum to the existing Power Purchase Agreement (the "PPA") with Mobile World Group ("MWG") to deliver power at the next 46 MWG solar sites in Vietnam with an aggregate capacity of c.0.8MW (the "PPA Addendum"). Construction of the sites subject to the PPA Addendum will commence immediately.

As previously announced, the Company signed a Memorandum of Understanding ("MoU") in Vietnam with MWG granting Coro exclusivity on an initial 900 MWG company sites in the central and southern regions of Vietnam where solar irradiation is the highest in the country.  Coro will build, own, and operate each rooftop solar system and sell all generated electricity directly to each Mobile World Investment Corporation location under a 14-year Power Purchase Agreement, extendable in certain circumstances.

The Power Purchase Agreement ("PPA") was signed on 8 March 2024, and the Company now has 84 sites with MWG currently operational in Vietnam (circa 2.6 MW) with an estimated annual run-rate cash flows to Coro of approximately US$350,000. 

The PPA Addendum terms include a variable price with a floor of VND 2,703 per kilowatt hour, an extended term in certain circumstances and are consistent with those previously announced by the Company.

A further addendum for a further 4 sites in Ho Chi Minh City (circa 0.26MW), potentially including a pilot of a co-located battery energy storage system is also expected to be signed shortly. Subject to agreement, this further addendum would bring the total contracted capacity to 3.7MW across 134 sites. 

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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.