- Energy company Coro Energy said it had entered into binding joint venture agreements in respect of the Vietnamese solar acquisition by the company originally announced on 12 July 2021.

Under the agreement, Coro would acquire an 85% stake in the joint venture to be named Coro Renewables Vietnam in exchange for initial funding by Coro of US$500,000.

The funding would be used to develop a 5MW pilot rooftop project through to 'Ready to Build' status.

Coro would then have the right to fund the construction of the 5MW pilot project, estimated at US$3.5 million, with a 'view to securing near term cash flows (estimated at around US$0.6m per annum unlevered, net to Coro),' the company said.

'Furthermore, Coro will have the option to fund the entire 150MW portfolio held by the JV, likely through project finance.'

VPE, a Vietnamese Solar asset owner and engineering, procurement and construction contractor, would transfer its existing 150MW project portfolio into the joint venture and provide management services in exchange for a 15% carried interest in the venture.

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