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South east Asia-focussed Coro Vitality introduced the entry right into a 25-year energy buy settlement for its rooftop photo voltaic challenge in Vietnam on Monday.
The AIM-traded agency mentioned the settlement was entered into by Coro Renewables Vietnam, which is 85% owned by Coro and 15% owned by its native associate, Vinh Phuc Vitality.
It might see Phong Phu – a listed high-volume producer of textiles – buy 3MW of electrical energy yearly from the previously-announced 5MW challenge, for the 150MW rooftop photo voltaic challenge.
Electrical energy can be provided beneath the settlement as soon as the photo voltaic tools is put in on the equal of seven.3 US cents (5.6p) per kilowatt-hour, with a 1% annual escalator.
The ability buy settlement was anticipated to generate whole revenues between $9m and $11m over the 25-year period.
“I’m delighted that we’ve got now signed our maiden provide contract in Vietnam which, on the again of the re-birth of our Italian portfolio, re-enforces our power transition technique with each gasoline and renewables taking centre stage,” mentioned chief government officer Mark Hood.
“We are able to now sit up for revenues from each transition fuels.”
At 1308 BST, shares in Coro Vitality have been up 6.45% at 0.5p.
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