Coro Energy PLC, a prominent South East Asian energy company specializing in natural gas and clean energy solutions, has announced a significant partnership milestone. The company has entered into a Memorandum of Understanding (MoU) with Mobile World Investment Corporation, a leading retailer of white goods and consumer electronics in Vietnam. Under this agreement, Coro Energy will facilitate the installation of rooftop solar systems across Mobile World Investment Corporation’s vast portfolio in Vietnam.
Mobile World Investment Corporation, with an extensive presence boasting 3,600 locations throughout Vietnam, holds the potential to incorporate 360MW of rooftop solar across its establishments. The MoU, granting Coro exclusivity on the initial 900 company sites (equivalent to an estimated 50MW of rooftop solar capacity), strategically focuses on the central and southern regions of Vietnam, where solar irradiation levels are the highest in the country.
In this groundbreaking initiative, Coro Energy will take charge of constructing, owning, and operating each rooftop solar system. The electricity generated from these installations will be directly supplied to each Mobile World Investment Corporation location through a 14-year Power Purchase Agreement. This agreement, extendable under certain circumstances, features variable pricing and a floor price set at US 11.2 cents per kilowatt-hour.
Michael Carrington, Managing Director of Renewables at Coro Energy, expressed his enthusiasm about the collaboration, stating, “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.”
This partnership not only showcases Coro Energy PLC’s commitment to sustainable energy initiatives but also highlights the growing trend of businesses embracing renewable energy solutions for a greener future.