Coro Energy, the South East Asian renewable energy developer, has announced a new EPC loan for the next 2MW of C&I rooftop solar construction with Mobile World Group ('MWG').
As previously announced, the Company has 3.4MW of operating installed rooftop solar capacity with MWG in addition to the existing 3.0MW industrial project with Phong Phu Corporation and has been in discussions in Vietnam with multiple parties with a view to introduce debt funding into its portfolio. The Company is now delighted to announce a new loan from its Engineering, Procurement and Construction ('EPC') provider in Vietnam which funds 70% of the next 2MW (circa US$750,000) of future rooftop solar installations with MWG. The loan will be repaid in monthly instalments over a five-year period with a coupon of 10% in the first year and an externally benchmarked coupon for subsequent years.
Tom Richardson, Chairman, commented:
'Having strengthened Coro's financial foundations over the last year, we continue to seek ways to ensure the business has access to the capital it needs as it continues to expand. This is an important funding solution for the Company which largely dovetails the payment of the construction cost with the cash flows generated by the asset. We continue to work with both international and local banks to introduce further debt finance as we increasingly transition towards self-funding solutions for our C&I rooftop business in Vietnam. We are grateful to our EPC partner in-country for their continued support.'
Source: Coro Energy
