Gneiss Energy is delighted to announce that we have acted as Financial Adviser to Coro Energy plc (AIM:CORO) on its acquisition of Global Energy Partnership Limited (“GEPL”). The acquisition of GEPL, an originator and developer of renewable energy projects in South East Asia, represents the next step in Coro Energy’s strategic objective of building a regionally focused, low carbon transitional energy company. Gneiss has advised Coro on the development of its renewable energy strategy in South East Asia and originated the GEPL acquisition opportunity for the company.
Gneiss Energy also acted as Financial Adviser to Coro and Joint Lead Bookrunner on a £4.5m placing through the issue of shares at a price of 0.4p per share. The acquisition and placing of shares remain subject to shareholder approval at a General Meeting of Coro Energy. The placing will provide sufficient financial resources to fund the enlarged Coro Energy group and its asset base through to Q2 2022 whilst also seeking to restructure the Company’s existing debt and conclude a divestment of the Company’s non-core Italian assets during 2021.
Our Renewable Energy and Oil & Gas teams are delighted to have collaborated to successfully deliver this transaction for Coro Energy to support the energy transition in South East Asia.
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