Coro Energy applies for second Philippines wind service contract

11th Mar 2024 12:35

(Sharecast News) - Coro Energy announced Monday that it has submitted an application to the Philippines Department of Energy for a second wind energy service contract (WESC) with 100 MW capacity.

The AIM-traded firm said the move followed a successful pre-application process, indicating Coro's commitment to expanding its wind energy portfolio.

It said the proposed project site is in Oslob, Cebu, adjacent to the company's existing project location.

If approved, the endeavour woul;d add substantial capacity to Coro's renewable energy in the region.

Key to the initiative was the recent installation and operation of a 130-metre meteorological mast by Coro in the Philippines.

The board said the mast would play a pivotal role in gathering crucial data over the next 12 months, assessing the wind resource potential at the proposed site.

At 1212 GMT, shares in Coro Energy were up 1.84% at 0.18p.

Reporting by Josh White for Sharecast.com.