Coro Energy advances Philippine solar and wind projects towards first key milestones
Coro Energy PLC updated investors following its recent acquisition of Global Energy Partnership Limited and its portfolio of operated renewables projects.
According to the statement, work is underway to progress its new flagship wind and solar projects in the Philippines which will each have some 100 megawatts of capacity.
Progress has included talks over energy service contracts (ESCs), local landlord engagement, environmental impact assessment, grid impact assessment and the negotiation of power purchase agreements. A comprehensive data gathering campaign has begun for a 100MW onshore Philippine wind project.
Coro said these activities are advancing with a view to position the company to have both projects at a construction-ready state by mid-2022, allowing maiden revenues potentially twelve months later.
“This is an exciting time for Coro Energy as it looks to build on its recent acquisition and the resulting opportunities in SE Asia’s rapidly growing renewable energy sector,” said Mark Hood, chief executive.
“Coro Energy is proud to be supporting the transition from fossil fuels to clean energy in SE Asia and we have a large number of important commercial and operational milestones approaching over the next 6-12 months.
“I am confident that we will rapidly develop our platform of operated assets, with a view to creating a variety of revenue streams that will add material value to the business.”
ESCs define the scale, technology and location of the projects and significantly will provide the company with approval to act as developer and as such will be a key milestone for Coro which are anticipated by the end of the current quarter.
The company also anticipates it will finalise landlord agreements by the end of the quarter.
It aims to have secured power purchase agreements for the projects by the end of November 2021, and, the full environmental impact assessment for both projects is planned by mid-July. Grid assessment is slated by August.
The wind data gathering programme will last for twelve months and is due to commence in mid-June – whereas data is already in place for the solar project.
Mark Hood also noted that Coro also looks forward to commercial progress at the Duyung gas project with operator Conrad Petroleum expected to update its plan of development in due course.
This is expected to be a significant step towards commercialisation to be followed by Pre-FEED work, concept selection and a gas sales agreement.
Talks meanwhile continue with third parties over the over a prioritised divestment of the company’s portfolio of Italian assets.