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(Sharecast News) - Coro Energy reported higher annual revenue on Thursday and said it had completed a transformation into a South East Asian renewable energy developer focused on commercial and industrial rooftop solar in Vietnam.
The AIM-traded company said revenue from continuing operations rose to $644,000 in the year ended 31 December, from $297,000 a year earlier, reflecting a full-year contribution from its expanded Vietnamese rooftop solar portfolio.
Coro reported a profit before tax from continuing operations of $14.6m, compared with a loss of $2.4m in 2024, mainly reflecting a $17.8m gain from the restructuring of its Eurobond.
Total profit for the year was $14.5m, compared with a loss of $21.4m.
The company said it completed a full recapitalisation of its balance sheet during the year through a 2.1m equity fundraising, a 100-for-one share capital reorganisation and the deemed redemption of 75% of its secured listed bonds, with the balance converted into equity.
Coro also repaid a $750,000 convertible loan note in full, leaving it free of legacy corporate debt.
The group said it added a further 2.2MW of commercial and industrial rooftop solar capacity with Mobile World Group, taking total aggregate operational capacity in Vietnam to 6.4MW, with estimated annual run-rate cash flows of about $720,000.
It also finalised its strategic shift to a 100% renewables strategy through the sale of its 15% participating interest in the Duyung production sharing contract to West Natuna Exploration, a subsidiary of Conrad Asia Energy.
The sale completed after the year end following approval from Indonesia's Ministry of Energy and Mineral Resources, with 500,000 Conrad shares issued to Coro.
Coro said it had entered into a strategic partnership with Threefold Energy Group to explore battery storage and energy management solutions in Vietnam and other South East Asian markets.
It also signed binding documentation with Mobile World Group for a co-located battery energy storage pilot at one of its existing rooftop solar sites in Ho Chi Minh City.
After the year end, Coro received internal credit committee approval from a leading global sustainable infrastructure investor for a proposed senior secured debt facility of up to $20m.
The facility comprises an initial committed tranche of up to $10m and an additional uncommitted accordion tranche of up to $10m, subject to further approvals.
The company also signed binding 25-year equipment lease agreements and operations and maintenance contracts with An Viet Phat Group for rooftop solar systems across an initial two factories in Vietnam, with estimated capacity of 1.6MW.
It is in advanced discussions for a further five factories, which could lift the total rollout with AVP to 10.0MW.
Non-executive chair Tom Richardson said 2025 had been a year of transformation for Coro, with the company exiting its remaining oil and gas interests and establishing a cash-generative rooftop solar business in Vietnam.
"The company's strategy is now clear: to build a scalable solar and battery energy storage system business in Vietnam serving commercial and industrial customers," he said.
Richardson said the proposed debt facility could support about 40MW of new contracted capacity at expected gearing, although it remained subject to final due diligence, documentation and customary conditions.
Coro said it continued to review its Philippines renewable portfolio.
It expects to complete the disposal of its wind licences in the third quarter of 2026, while options for its Philippines solar project of up to 70MW are still being assessed.
Richardson said Coro was in a materially stronger position than a year earlier, with a focused strategy, contracted commercial traction and a leaner cost base, although he said significant execution hurdles remained, including financial close of the proposed debt facility and the rollout of its AVP and Mobile World Group programmes.
At 1033 BST, shares in Coro Energy were down 14.29% at 3p.
Reporting by Josh White for Sharecast.com.
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