Proactive Investors - Coro Energy PLC (LON:CORO) has announced a deal to install rooftop solar panel systems across Mobile World Investment Corporation’s portfolio in Vietnam.
Under the memorandum of understanding, Coro has exclusive rights to install solar systems on 900 of the consumer electronics retailer’s sites, estimated to house 50MW of capacity.
Coro will own and operate each solar system and sell the energy to Mobile World under a 14-year power purchase agreement, which has a floor price of US 11.2 cents/kilowatt hour.
“I am delighted to announce our strategic tie-up with Mobile World Investment Corporation,” renewables managing director Michael Carrington said.
“As we move at pace towards scale, focused on long-term, solid cash flows and funded largely by industry players we intend to farm into the portfolio.”
Mobile World has a total of 3,600 sites across the country with a total potential capacity of 360MW, Coro added in a statement.