Watson Farley & Williams (“WFW”) has advised AIM-traded Coro Energy plc (“Coro”) on its investment in a 20.3% stake in ion Ventures Holdings Ltd (“ion Ventures”), a South East Asian and UK-focussed developer of clean energy projects, including renewables and battery storage, for cash consideration of £500,000.
Coro’s investment provides them with immediate access to the existing ion Ventures pipeline of approximately 20 high quality clean energy projects across South East Asia, alongside a UK project pipeline.
In September 2020, Coro announced a revised South East Asian strategy to include a specific focus on renewable energy assets and related technologies, including battery storage. South East Asia, despite including some of the fastest growing economies globally, is still largely dependent on coal and requires a significant investment in renewable energy generation and energy storage capacity to continue the transition to a low carbon economy, including the associated electrification of transport, residential homes and industry.
ion Ventures is a UK incorporated, privately owned clean energy developer, with a strong pipeline of potential projects in South East Asia (principally Thailand, the Philippines and Indonesia), along with a large shovel-ready pipeline in the UK and multiple near-term value inflection points. ion Ventures has a strong presence in South East Asia with a regional headquarters in Singapore and established strategic partnerships with utilities and Independent Power Producers across the region. The funds injected by Coro will be used by ion Ventures to develop its core projects and for general working capital purposes.
The WFW team advising Coro was led by London-based Global Mining & Commodities Sector Head Jan Mellmann who was assisted by Associate Sebastian Lello.
Jan commented: “Energy transition is critical to a sustainable future, so I am pleased that we were able to assist Coro on its maiden clean energy investment. This is an important first step for Coro’s investment and expansion strategy in the renewable energy sector and provides valuable growth funding for ion Ventures. That Coro chose us to help them demonstrates once again WFW’s standing as a leading law firm for transactions across the energy sector”.
Coro’s CFO, Peter Christie, commented: “This investment in ion Ventures is an important first step for Coro into the clean energy sector, and we believe our partnership with ion will accelerate Coro’s evolution into a low carbon energy company. Jan and his team worked diligently in supporting us with the transaction, and I thank them for their efforts.”