The UK-headquartered Coro Energy PLC will install 50 MW of rooftop solar at facilities operated by Mobile World Investment Corporation, one of the biggest electronics retailers in Vietnam.
In a Tuesday release, Coro Energy said Mobile World Investment Corporation, listed on the Ho Chi Minh Stock Exchange (HoSE) as MWG, operates at 3,600 locations across Vietnam with the potential to install 360 MW of rooftop solar power.
Initially, per the signed memorandum of understanding (MoU) between the two sides, Coro Energy will install 50 MW of rooftop solar at MWG’s 900 facilities in Vietnam's central and southern regions.
Coro Energy will build, own, and operate each rooftop solar system and sell all generated electricity to each MWG location, under an extendable 14-year power purchase agreement (PPA), with a floor price of 11.2 U.S. cents per kWh, according to the release.
Globally, Coro Energy made a post-tax loss of $2.54 million on a revenue of $116,000 in the first half of 2023, according to the firm’s latest report. In the first six months of 2023, its only revenue was generated from a 3-MW solar rooftop project in Vietnam, which became operational in October 2022.
MWG, among the biggest retailers of white goods and consumer electronics in Vietnam, earned a revenue of VND56.57 trillion ($2.3 billion) in the first six months of the year, down 20% year-on-year, while fulfilling 42% of its annual target.
Companies in Vietnam are incorporating sustainable practices into their operations, advancing the adoption of renewable energy sources for their manufacturing facilities.
Sabeco, Vietnam’s largest brewer and a subsidiary of Thailand’s Thai Beverage, signed a partnership deal with Singapore-headquartered SP Group on May 15 for SP to install 10.44 megawatt-peak (MWp) of rooftop solar panels across nine Sabeco breweries in Vietnam.
Several days before, TotalEnergies ENEOS signed a long-term deal with Golden Victory Vietnam Co., a key supplier for globally renowned sportswear brands, to develop a 4.6 MWp rooftop solar system at the latter's facility in the northern province of Nam Dinh.
On March 2, two agribusinesses – De Heus Vietnam and Bel Ga JSC – signed deals with Vietnamese firm Green Roof to install rooftop solar systems at their establishments in the next two years.
Rooftop solar is an emerging form of renewable energy supply in Vietnam and its adoption in this sector has been hindered by a high upfront costs and limited financing channels.