Coro Energy Secures US$20 Million Mirova Financing To Expand Vietnam’s Rooftop Solar Portfolio

Coro Energy Plc, a renewable energy developer focused on Southeast Asia, has secured a senior secured debt facility of up to US$20 million from Mirova, an affiliate of Natixis Investment Managers, to support the expansion of its commercial and industrial (C&I) rooftop solar portfolio in Vietnam. The financing agreement marks an important step in strengthening the company’s investment capacity and accelerating its renewable energy development activities in the country.

Under the definitive financing agreement, the facility includes an initial committed tranche of US$10 million and an additional uncommitted accordion tranche of US$10 million, subject to further approvals. The funding is structured to cover up to 70% of eligible project capital expenditure, enabling Coro Energy to accelerate the development and deployment of rooftop solar projects for new and existing commercial and industrial customers across Vietnam.

The financing will support the company’s existing project portfolio, including its work with Mobile World Group, while also providing opportunities for future battery energy storage system (BESS) development. The facility has an eight-year tenor and a 21-month availability period, with quarterly repayments and a fixed interest rate of 9.5% per annum in US dollars. The long-term financing structure is expected to provide Coro with greater flexibility to execute its project pipeline and expand its presence in Vietnam’s growing clean energy market.

Alongside securing institutional debt financing, Coro Energy has announced a share placing to raise gross proceeds of at least £750,000. The company is offering new ordinary shares at an issue price of 3 pence per share. Investors participating in the placing will receive one warrant for every share subscribed. These warrants will be exercisable at 4.5 pence per share until the end of December 2027.

Tennyson Securities is managing the accelerated bookbuild process for the share placing. The company expects to receive net proceeds of at least £700,000, which will provide additional funds to support its business expansion and accelerate growth in the Vietnamese solar market.

Coro Energy Director Tom Richardson has also committed to subscribing for 833,334 placing shares under the same terms and conditions as other investors, demonstrating his participation in the fundraising.

The proposed share placing remains subject to shareholder approval at a general meeting expected to take place around 4 December 2026. A shareholder circular containing details of the meeting is expected to be published shortly. Subject to the approval of the required resolutions and fulfilment of other conditions, the new shares are expected to be admitted to trading on AIM around 7 December 2026.

The combination of Mirova’s institutional financing and the proposed equity fundraising is expected to strengthen Coro Energy’s financial position. The funding will support its rooftop solar development pipeline, expand opportunities for battery storage integration and help the company respond to increasing demand for reliable and sustainable energy solutions among commercial and industrial customers in Vietnam.