Coro Energy Plc (Coro) has secured additional time to finalise a rooftop solar joint venture (JV) deal with Vinh Phuc Energy JSC (VPE) in Vietnam. The deal finalisation process had been hampered by the COVID-19 restrictions. The measures to contain the spread of the pandemic have impacted its ability to formally lodge papers with the local government. It is expected that a definitive JV agreement will be reached by the end of this month.
In July 2021, the company announced plans to acquire a 85 per cent stake in a portfolio of commercial and industrial (C&I) rooftop solar projects, with a combined capacity of 150 MW, in Vietnam. The company had signed a binding Heads of Terms with VPE, the owner of the portfolio, to jointly develop it. The exclusivity period under the contract has now been extended till October 31.
As a part of the deal, VPE will transfer the portfolio to Coro Renewables Vietnam, a joint company, in exchange for a 15 per cent carried interest. Coro will fund the JV for its stake.