LONDON, UK: Coro Energy Plc, the South East Asian energy firm supporting the regional transition to a low carbon economy, introduced the entry right into a 25 year Power Purchase Agreement (PPA) for its rooftop photo voltaic project in Vietnam.
The PPA has been entered into by Coro Renewables Vietnam (85% owned by Coro and 15% owned by Coro’s native partner Vinh Phuc Energy JSC) and can see Phong Phu, a listed Vietnamese excessive quantity producer of textiles, buy 3MW of electrical energy yearly from the beforehand introduced 5MW project for the 150MW rooftop photo voltaic project beforehand announced.
Electricity will be supplied under the PPA, as soon as the photo voltaic equipment is installed, at 7.3 US cents (equivalent) per kWh with a 1% annual escalator. The PPA is anticipated to generate aggregate revenues between US$9m and US$11m over the 25 year duration.
Mark Hood, Coro’s CEO, commented: “I am delighted that we have now signed our maiden provide contract in Vietnam which, on the again of the re-birth of our Italian portfolio, re-enforces our energy transition technique with each gas and renewables taking centre stage. We can now look ahead to revenues from each transition fuels.”
www.coroenergyplc.com