Credit Approval of up to $20m Senior Debt Facility
Coro Energy PLC has received internal credit committee approval for a senior secured debt facility of up to US$20 million from a global sustainable infrastructure investor, with an initial committed tranche of US$10 million and an additional uncommitted accordion tranche of up to US$10 million. This facility, expected to be completed in H1 2026, will have an 8-year tenor and will fund up to 70% of capital expenditure for contracted rooftop solar and battery storage projects in Vietnam, secured against the company's Vietnam operating platform.
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Coro Energy PLC, the South East Asian renewable energy developer, is pleased to announce that it has received internal credit committee approval from a leading global sustainable infrastructure investor in respect of a proposed senior secured debt facility of up to US$20 million (the "Facility"). The Facility remains subject to completion due diligence, finalisation of documentation and satisfaction of customary conditions precedent which Coro expects to be completed during H1 2026.
The investor is a well-established institutional capital provider with an established track record in financing renewable energy and energy transition infrastructure globally.
The proposed Facility comprises:
- an initial committed tranche of up to US$10 million; and
- an additional uncommitted accordion tranche of up to US$10 million, subject to further approvals.
The Facility is expected to support the continued rollout of Coro's projects with existing and new commercial and industrial customers in Vietnam including the ability to finance battery energy storage systems.
Key Terms
The Facility is expected to be structured as a senior secured term loan with the following principal terms:
| Structure | Senior Secured Term Loan |
| Currency | US Dollars |
| Tenor | 8 years |
| Use of proceeds | Funding of up to 70% of capital expenditure across a portfolio of contracted rooftop solar and battery storage projects in Vietnam |
| Security | Secured against the Company's Vietnam operating platform, including project assets, contracts and cashflows |
Tom Richardson, Chairman of Coro, commented:
"We are pleased to have reached this important milestone with a leading global sustainable infrastructure investor 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.
I am grateful to both teams for their efforts over the last six months to get to this stage. We now look forward to progressing the Facility through documentation and into deployment."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.