Coro Energy, based in the U.K., announced a new sustainable energy venture on October 10 by signing a memorandum of understanding (MoU) with Vietnam’s Mobile World Investment Corporation to launch rooftop solar projects across the country.
The AIM-traded energy company said it would work with the consumer electronics retailer Mobile World, which operates at 3,600 locations throughout Vietnam.
It said the partnership could initiate 360 MW of rooftop solar capacity across the retailer chain’s locations.
The MoU entitled the energy firm to an exclusivity clause on an initial 900 company sites, approximating an estimated 50 MW of rooftop solar capacity.
Coro Energy said those sites would be strategically located in Vietnam's central and southern regions, which have the highest solar irradiation in the country.
The arrangement outlined in the MoU would see the energy firm construct, own, and operate each rooftop solar system.
Besides, Coro would sell all electricity generated directly to each Mobile World location under a 14-year power purchase agreement (PPA).
The agreement, subject to extension under certain conditions, would see variable pricing with a baseline price of 11.2 US cents per kWh.
Michael Carrington, Coro’s managing director of renewables, said, “I am delighted to announce our strategic tie-up with Mobile World Investment Corporation, as we move at pace towards scale, focused on long-term, solid cash flows and funded largely by industry players we intend to farm into the portfolio.”