- Through this collaboration, Coro Energy will be able to connect with 3,600 locations throughout Vietnam
- Coro will be responsible for the construction, ownership, and operation of each solar system
Coro Energy has recently signed a memorandum of understanding (MoU) with Vietnam-based Mobile World Investment Corporation to launch a series of rooftop solar projects across the country.
Through this collaboration, Coro Energy will connect with 3,600 locations throughout Vietnam. This will also aim to inaugurate 360 MW of rooftop solar capacity across the chain’s locations.
Under the Memorandum of Understanding (MoU), Coro granted exclusive rights to deploy rooftop solar systems on an initial 900 company sites, equivalent to approximately 50 MW of solar capacity. These sites were strategically chosen in Vietnam’s central and southern regions, known for their high solar irradiation levels. Coro will be responsible for the construction, ownership, and operation of each solar system.
Furthermore, Coro had an obligation to supply all generated electricity directly to Mobile World locations through a 14-year power purchase agreement. This agreement, which could be extended under specific conditions, featured a flexible pricing structure, with a base rate of 11.2 US cents per kilowatt-hour.
“I am delighted to announce our strategic tie-up with Mobile World Investment Corporation, 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,” said Coro’s managing director of renewables, Michael Carrington.
