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Oracle Power PLC - Cambridge, England-based power and natural resource project developer with projects focused on Pakistan - Receives formal approval from the Directorate of Alternative Energy in Sindh, Pakistan for a letter of intent to establish a 1,200 megawatt hybrid solar, wind and green hydrogen power project.
LOI will be be issued formally on the finalisation of a USD600,000 performance guarantee, which is set to be completed in September.
"Following the advance of funds from both Oracle Power and Kaheel Energy on August 16, 2022, our joint venture company is suitably funded in the short term. We expect to finalise the bank guarantee soon, following the conclusion of negotiations to secure the best possible terms for this transaction, to ensure that we maximise the funds within the JV company to support development work for our pioneering green hydrogen project in Pakistan," says Chief Executive Officer Naheed Memon.
Current stock price: 0.27 pence, up 3.8% on Thursday
12-month change: down 29%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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