Coro Energy has completed commissioning of its Vietnam rooftop solar pilot project, the UK-based energy firm announced Friday.
The 3-megawatt project, with more than 4,500 solar panels across four factory roofs in Ho Chi Minh City covering more than 16,000 square meters, is now delivering electricity to Vietnamese textile company Phong Phu Corp.
This electricity supply is under a 25-year power purchase agreement signed by the two sides this April. The contracted price is $0.073 per kWh, with a 1% annual escalator.
Coro Energy estimates that the PPA will bring revenues of between $9 million and $11 million over the contracted period.
Coro Energy, listed on the London Stock Exchange as CORO, stated Friday: “With the project now in commercial production, due diligence and technical assessments are underway with regards to potential clients and locations for additional rooftop solar projects, and further announcements will be made, as appropriate, in due course.”
Michael Carrington, Coro’s managing director for renewables, said: "We are delighted to now be producing power and to have commenced our first revenue stream in Vietnam… We have set a high bar for future projects, but we now know our capabilities and look forward to rapidly building our solar portfolio."
The firm, focused on Southeast Asia, said the project was expected to annually deliver around $300,000 in net cash flows.
Late last year, the British firm set up Coro Renewables Vietnam as an 85-15 joint venture with Vietnam’s Vinh Phuc Energy JSC. The partnership has a 150 MW portfolio of commercial and industrial rooftop solar projects in the country.