Coro Energy PLC has strengthened its renewable energy presence in Vietnam by expanding its partnership with Mobile World Group. The company signed an addendum to its existing Power Purchase Agreement (PPA), committing to supply solar power for an additional 46 sites, totaling approximately 0.8 megawatts (MW) of capacity.
Construction of the new solar installations will commence immediately, following the original PPA signed on March 8, 2024. Coro Energy currently operates 84 solar sites with Mobile World Group, with a combined capacity of around 2.6 MW. This expansion is part of a broader Memorandum of Understanding (MoU), granting Coro exclusivity to develop rooftop solar systems across an initial 900 company locations in high solar irradiation areas of Vietnam.
The updated agreement introduces a variable pricing structure, ensuring a minimum tariff of 2,703 Vietnamese dong per kilowatt hour, with the possibility of extending the contract under specific conditions. These terms remain consistent with Coro’s previously announced agreements.
Coro Energy projects annual cash flows of approximately $350,000 from its operational sites. Additionally, the company is expected to finalize another addendum soon for four additional sites in Ho Chi Minh City, which may incorporate a pilot battery energy storage system. If approved, Coro’s total contracted capacity in Vietnam will increase to 3.7 MW across 134 sites.
This expansion underscores Coro Energy’s growing role in Southeast Asia’s renewable energy sector and aligns with Vietnam’s push for clean energy adoption.
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