Coro Energy PLC, a prominent South East Asian energy company with a focus on natural gas and clean energy, has announced a significant development in its Vietnamese rooftop solar projects.
The company has received an indicative funding proposal from Capton Energy, a Dubai-based joint venture between Siemens Financial Services and Desert Technologies, specialising in Energy Transition infrastructure in Africa, the Middle East, and Asia.
The proposal involves Capton Energy co-investing in Coro’s existing Vietnamese solar projects and providing investment support for Coro’s project pipeline, which has the potential to reach up to 50 megawatts. The two companies are now in advanced discussions, and Coro has agreed to a four-month exclusivity period to finalize the transaction.
Michael Carrington, the Managing Director of Coro Renewables, expressed enthusiasm about the collaboration with Capton Energy, highlighting their substantial balance sheet and extensive experience in renewable deployment. Carrington stated that they are looking forward to concluding the arrangements for this partnership.
Umer Ahmad, the Chief Executive & Chief Investment Officer of Capton Energy, emphasized the joint goal of leveraging the capabilities and expertise of both companies to address the energy needs of underserved sectors in the market. By utilizing renewable technologies, Capton Energy aims to positively impact communities and industries in the region.
This funding proposal and potential co-investment mark a significant step in Coro Energy’s commitment to advancing its clean energy portfolio in Vietnam and supporting the country’s transition towards renewable energy sources.
The collaboration with Capton Energy signifies a strategic move towards furthering sustainable energy solutions in the region and making a positive difference in local communities.