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(Alliance News) - Oracle Power PLC on Wednesday said that it has signed a cooperation agreement with PowerChina International Group Ltd to develop a one gigawatt solar-based power production plant in Pakistan.
Oracle Power is a Cambridge, England-based power and natural resource project developer. Through its joint venture Oracle Energy Ltd, the company is developing a green hydrogen production project in Pakistan.
Under the terms of the agreement, PowerChina will support Oracle in conducting a comprehensive feasibility study, including surveying, investigation and other study works, for the Thar Solar Project in the Sindh Province of Pakistan.
Oracle will develop partnerships and arrange funding for the project, while PowerChina will also assist in arranging financing if required.
The former will coordinate ongoing negotiations with the governments of Sindh and Pakistan, while PowerChina will coordinate working with the Chinese government.
"The proposed development of the Thar Solar Project provides Oracle with the opportunity to not only develop a sizeable renewable energy project in Pakistan, but also to bring a long-term and sustainable business to our Thar Block VI asset. This development, along with the significant progress being made with our Green Hydrogen project in the Sindh Province, underpins Oracle's core strategy of focusing on the production of green energy. We look forward to working closely with our partners to swiftly establish ourselves as front runners in the production of renewable power and green energy solutions in Pakistan and in the broader region," said Chief Executive Officer Naheed Memon.
Oracle Power shares were trading 0.1% higher at 0.16 pence each in London on Wednesday afternoon.
By Holly Beveridge, Alliance News reporter
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