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(Alliance News) - Oracle Power PLC on Wednesday announced the successful completion of an environmental & social impact assessment for its Pakistan power plant, allowing the development project to progress.
The Western Australia and Pakistan-focused energy projects developer carried out a comprehensive analysis of the potential environmental or social impacts of developing its proposed 1.3 gigawatt renewable power facility in Jhimpir, Sindh Province, Pakistan.
The assessment was conducted by SGS Pakistan, the verification, testing & certification company.
The project's site did not fall within any sensitive or protected areas and no significant vegetation will need to be removed. There were no threatened wildlife species in the project area, and the project expects to generate significant economic opportunity in the surrounding areas from direct and indirect employment.
Oracle Power Chief Executive Officer Naheed Memon said: "The successful completion of the ESIA for the proposed renewable power production facility represents a significant milestone in the development of this project.
"Following the thorough assessments of potential environmental and social impacts and the report's findings that the proposed hybrid power project will not lead to significant adverse environmental and social impacts, we have confidence in the project's ability to mitigate any adverse effects and deliver clean, renewable energy to the region. The completion of this latest study underscores our swift progress towards securing appropriate financing arrangements in preparation for future construction."
The proposed facility would include an 800 megawatt solar project, a 500 megawatt wind project and a 450 megawatt hour battery energy storage system.
A geotechnical study and electrical resistivity survey was also completed in the first quarter of 2024, to provide guidance for water management on the site and further endorse the hybrid power plant's construction.
Oracle Power will now submit the ESIA report to the Sindh Environmental Protection Agency and the Pakistan Environmental Protection Agency for review and approval.
During the company's first quarter, Oracle Power also had its programme of work for the Northern Zone Intrusive Hosted Gold Project in Australia approved by Australia's Department of Energy, Mines, Industry Regulation & Safety. Riversgold Ltd confirmed it had spent AUD333,000 as a partner on exploratory activities to date, and an exploration target of 2.5 to 4.8 million ounces was set for 2024.
Oracle Power secured in April an exclusive opportunity to acquire the Blue Rock Valley Copper & Silver Project in Australia, which historical drilling has shown contains high-grade copper and silver mineralisation, as well as potential uranium and gold.
Oracle Power shares were up 1.8% to 0.03 pence each in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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