South East Asian energy company with a natural gas and clean energy portfolio Coro Energy has entered into a period of exclusivity for three months with the shareholders of KIMY Trading and Service in respect of the potential acquisition by the Group of a 100% interest in a leased rooftop solar portfolio in Vietnam across four locations close to Saigon with an aggregate generating capacity of 3.25 megawatts currently held by KIMYThe Portfolio has been operational for two years and benefits from an existing power purchase agreement with a remaining eighteen year term, with the power off-taker being state owned Electricity Vietnam EVN.In connection with the award of Exclusivity by the vendors to the Group, the Company and the shareholders of KIMY have set out, subject to, inter alia, due diligence by the Group and the negotiation and entry of binding documentation, their agreement as to the proposed consideration payable for any acquisition of the Portfolio by the Group of a total of USD 1.7 millionExclusivity will expire on 22 February 2023 and the Company cautions that any acquisition of the Portfolio remains subject to, inter alia, due diligence by the Group, the negotiation and entry of binding agreements and the availability to the Group of funding. Further announcements will be made in due course.
South East Asian energy company with a natural gas and clean energy portfolio Coro Energy has entered into a period of exclusivity for three months with the shareholders of KIMY Trading and Service in respect of the potential acquisition by the Group of a 100% interest in a leased rooftop solar portfolio in Vietnam across four locations close to Saigon with an aggregate generating capacity of 3.25 megawatts currently held by KIMYThe Portfolio has been operational for two years and benefits from an existing power purchase agreement with a remaining eighteen year term, with the power off-taker being state owned Electricity Vietnam EVN.In connection with the award of Exclusivity by the vendors to the Group, the Company and the shareholders of KIMY have set out, subject to, inter alia, due diligence by the Group and the negotiation and entry of binding documentation, their agreement as to the proposed consideration payable for any acquisition of the Portfolio by the Group of a total of USD 1.7 millionExclusivity will expire on 22 February 2023 and the Company cautions that any acquisition of the Portfolio remains subject to, inter alia, due diligence by the Group, the negotiation and entry of binding agreements and the availability to the Group of funding. Further announcements will be made in due course.
