Coro Energy approved for $20 million solar debt facility

Coro Energy approved for $20 million solar debt facility

Southeast Asian renewable energy developer Coro Energy on April 2 announced that it has received internal credit committee approval from an infrastructure investor in respect to a proposed senior secured debt facility of up to $20 million.

The proposed facility comprises·an initial committed tranche of up to $10 million, and an additional uncommitted accordion tranche of up to $10 million. It remains subject to completion of due diligence, finalisation of documentation and satisfaction of customary conditions precedent, which Coro expects to be completed during the first half of 2026.

The facility is expected to be structured as a senior secured term loan denominated in US dollars. It will fund up to 70 per cent of capital expenditure across a portfolio of contracted rooftop solar and battery storage projects in Vietnam, secured against Coro's Vietnam operating platform, including project assets, contracts, and cashflows.

The move will support the continued rollout of Coro's ventures with existing and new commercial and industrial customers in Vietnam, including the ability to finance battery energy storage systems.

Coro chairman Tom Richardson said, "We are pleased to have reached this important milestone for a significant long-term financing facility. It is a validation of our platform and opportunity set in Vietnam and potentially transformative for the company. The agreed commercial terms provide a strong foundation to support the continued scaling of our Vietnam rooftop solar platform."

Although the identity of the investor was not disclosed, Coro described them as a well-established institutional capital provider with an established track record in financing renewable energy and energy transition infrastructure globally.

VIR