AIM-listed Coro Energy has acquired South-east Asian renewables developer Global Energy Partnership Limited for an undisclosed price.
The acquisition provides a portfolio of renewable energy opportunities in South-east Asia totalling 4GW, with an initial focus on a 100MW wind farm and 100MW solar project in the Philippines.
GEPL co-founder Mark Hood has joined Coro’s board as chief executive on completion of the deal and fellow co-founder Michael Carrington as chief operating officer.
Coro has also raised £.4.5m through a share placing with new and existing investors.
Coro chief financial officer Peter Christie said: “The successful conclusion of this acquisition and fund raise marks another step in our aim to develop our clean energy interests in South-east Asia.”
Law firm Watson Farley & Williams (WFW) advised Coro Energy on the deal.
The WFW team was led by London-based global mining and commodities sector head Jan Mellmann, working closely with associate Alice Everley and trainee James Burgess in London and Singapore partner Damian Adams on corporate matters.
London partner Anna Robinson and senior associate David Jacob handled employment and tax aspects of the deal respectively.
Mellmann said: “It is vital that energy sector participants continue to ensure an effective energy transition to sustainable sources, especially in regions in which this change will require substantial cooperation between investors and developers.
“We are delighted that Coro has again entrusted WFW to help them achieve success in this exciting expansion project, following our collaboration on their first investment in clean energy last year.
“This entrenches our position as a global leader as legal advisors to the energy market.”