Coro Energy PLC (AIM:CORO) Managing Director – Renewables Michael Carrington speak to Thomas Warner from Proactive London after the South East Asian-focused energy company announced talks with Capton Energy regarding the sale of a stake in Coro's solar portfolio in Vietnam. Carrington explains more about the nature of the proposed deal with Capton Energy, which itself is a joint venture between Desert Technologies and Siemens Financial Services.
The deal aims to capitalise on the growing interest in renewables in Southeast Asia, and in Vietnam particularly. Carrington emphasises the long-term vision of achieving 150 megawatts of rooftop commercial and industrial solar projects. The scalability of rooftop solar, with each one-megawatt project generating around $100,000 annually for 25 years, promises a consistent and substantial revenue stream.
He suggests that the target revenue from the project over the 25-year period could reach an impressive $370-380 million. Carrington says its possible that the deal could be completed it before the agreed four-month window for discussion ends, but emphasises the need for thorough due diligence. He concludes by saying that he believes the deal, if concluded, would be Coro Energy "creating a foundation for the future" in terms of recurring income.
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