Coro Energy, the South East Asian energy company with a natural gas and clean energy portfolio, announces the endorsement by the Philippines Department of Energy of Coro's Area of Interest ("AOI") for its first 100MW wind project.

The Company's proposed AOI for its onshore Oslob Wind Power Project in Oslob, Cebu, which covers a 4,617 hectare area, has now been authorised to proceed with the filing of a wind energy service contract application. This is a critical gateway to initiating the formal permitting process and enabling the installation of a metalogical mast for the further collection of wind data. The Company expects to file the application for a wind energy service contract, which reserves the AOI, to the Philippines Department of Energy prior to the end of November 2022.

Renewable Energy in The Philippines

• Annual electricity demand forecast to increase by 65GW by 2040, on the back of a young and growing population and strengthening per capita GDP
• Strong long-term PPA pricing to support renewable energy, low off taker risk and no subsidies required
• Legislation supportive of renewable energy - transparent, objective and clearly defined desire to move away from fossil fuels
• 2010-2019 average annual growth 6.4%, BBB+ rating (S&P)
• Large deficit of renewable power production vs government targets, in part created by barriers to entry including limitations on foreign ownership in independent power producers
• Deployment of renewable energy seen as strategically important to boost energy independence/security and reduce reliance on imported fossil fuels
• Government has invested heavily in grid infrastructure and continues to do so, supporting deployment of new generation assets

Coro is focused on securing land access alongside regulatory permits and approvals, securing offtake arrangements and data gathering at the proposed sites.

KeyFacts Energy: Renewable Energy news