Coro Energy, the South East Asian renewable energy developer, has announces its final results for the year ended 31 December 2025.
FY2025 Highlights
- Completed the full recapitalisation of the Company's balance sheet through a £2.1m equity fundraising, a 100:1 share capital reorganisation and the deemed redemption of 75% of the Company's existing secured listed bonds, with the balance converted into equity.
- Repaid the US$750k convertible loan note in full leaving the Company free of legacy corporate debt.
- Added a further 2.2MW of commercial and industrial ("C&I") rooftop solar capacity with Mobile World Group ("MWG"), bringing the Group's total aggregate operational capacity in Vietnam to 6.4MW with estimated run-rate annual cash flows of approximately US$720k.
- Finalised the Company's strategic pivot to a 100% renewables strategy through the announcement of the sale, by its wholly-owned subsidiary Coro Energy Duyung (Singapore) Pte Ltd, of its 15% participating interest in the Duyung PSC to West Natuna Exploration Ltd, a subsidiary of Conrad Asia Energy Ltd.
- Entered into a strategic partnership with Threefold Energy Group Ltd to explore advanced battery storage and energy management solutions in Vietnam and other South East Asian markets.
- Signed binding documentation with MWG for the delivery of a co-located Battery Energy Storage System ("BESS") pilot at one of Coro's existing rooftop solar sites in Ho Chi Minh City.
- Raised gross proceeds of approximately £1.7 million by way of a placing and WRAP retail offer to support the continued development of the Company's Vietnam rooftop solar platform.
- Continued the strategic review of the Philippines renewable portfolio, including the Company's wind energy service contracts and the planned ground-mounted solar project in Lagunde, Oslob.
- Revenue from operations increased to US$644k, reflecting a full year contribution from the Company's expanded Vietnam rooftop solar portfolio.
Post Period End
- Received internal credit committee approval from a leading global sustainable infrastructure investor for a proposed senior secured debt facility of up to US$20 million, comprising an initial committed tranche of up to US$10 million and an additional uncommitted accordion tranche of up to US$10 million, subject to further approvals.
- Signed binding 25-year equipment lease agreements and operations and maintenance contracts with An Viet Phat Group ("AVP") for the installation and leasing of rooftop solar systems across an initial two factories in Vietnam with a total estimated capacity of 1.6MW.
- Entered into advanced discussions with AVP for the installation and leasing of rooftop solar systems across an additional five factories in Vietnam with a total estimated capacity of 8.4MW, representing a potential 10.0MW rollout.
- Completed the sale of the Company's interest in the Duyung PSC following approval from Indonesia's Ministry of Energy and Mineral Resources, with 500,000 shares in Conrad Asia Energy Ltd issued to the Company.
Source: Coro Energy
