Watson Farley & Williams (WFW) has advised Coro Energy on its acquisition of Global Energy Partnership Limited (GEPL), a developer of renewable energy projects across South East Asia.
Alongside this acquisition, Coro Energy raised a further £4.5m through a placing with new and existing investors, and around £150k through an open offer, which will be used to fund the enlarged group and its asset base through to Q2 2022. GEPL co-founder Mark Hood joined Coro’s board as CEO on completion of the deal and fellow co-founder Michael Carrington as Chief Operating Officer.
The acquisition provides a portfolio of operated renewable energy opportunities in South East Asia totalling 4GW, with an initial focus on two opportunities in the Philippines – a100 MW solar project and a 100MW onshore wind project.