Coro Energy has announced amendments with its partners ahead of two renewable projects in the Philippines.
According to the company, it has “increased its dividend entitlement as part of restructured arrangements with its partners.”
This comes just before the start of construction of two 100MW renewables projects in the country. It includes one 100MW solar project and a 100MW wind project. These projects will come into ready-to-build status after six and 15 months away respectively.
The company stated that it is entitled to 88% of the future dividends from the Philippines projects, up from 80% agreed before, a local report said.
Meanwhile, the company informed that it will be issuing £60,000 worth of shares to each of the two Philippines partners.
Out of this, “half of the shares will be subject to lock-in restrictions until first power production and revenue on the first Philippines renewable energy project, with the remaining 50% subject to lock-in restrictions until first power production and revenue on the second Philippines renewable energy project,” a report mentioned.
Besides the Philippines, the AIM-listed company has also shown interests in Italy and Vietnam.
