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(Alliance News) - Oracle Power PLC on Tuesday said it signed a memorandum of understanding with China Electric Power & Technology Co Ltd to potentially develop a green hydrogen project in Pakistan.
Oracle Power is a Cambridge, England-based developer of green hydrogen production through its joint venture Oracle Energy Ltd, while China Electric Power & Technology is a wholly-owned subsidiary of the State Grid Corporation of China.
It said the accord related to Oracle Energy's green hydrogen project in Thatta in Sindh province, Pakistan, specifically to potentially develop, finance, construct, operate and maintain the project.
This would include the construction of a hybrid renewable energy production and storage facility, combining 700 megawatts of solar power and 500MW of wind power, alongside battery storage.
When fully commissioned, Oracle Power said the planned green hydrogen production facility would produce an estimated 150,000 kilogrammes of hydrogen per day, or 55,000 tonnes per annum, representing "one of the largest such projects" in Asia.
It said feasibility work on the potential production of green hydrogen and green ammonia began in the fourth quarter of 2022 with Essen, Germany-based industrial engineering company thyssenkrupp AG, with initial results due in the second quarter of 2023.
Oracle Power said the accord follows Oracle Energy successfully acquiring a 30-year land lease with the government of Sindh for 7,000 acres or 28.3 square kilometres.
"Oracle Energy's vision of developing one of the largest green hydrogen production facilities globally has taken significant strides towards being realised through partnering with state grid of China, the largest power utility in the world," said Oracle Energy majority shareholder Ahmed Dalmook Al Maktoum, who has a 70% interest in the Oracle Power subsidiary and is an active investor and developer of a number of power generation projects across the Middle East, Asia and Africa.
"Oracle Energy is looking to fast-track the development of the Project by partnering with one of the world's leading companies, which has both financing capability, as well as significant experience of constructing large power projects globally."
China Electric Power & Technology Vice General Manager Wang Bo added: "We are very excited about the prospect of potentially financing, constructing and operating what will be Pakistan's largest renewable power facility, a crucial process to bringing the green hydrogen project to the international markets for this crucial source of energy.
"The value of Oracle Energy's expertise and knowledge of the Pakistani energy market, combined with the highly respected partners they already have, will be crucial in making this project not only a reality, but also one of significance from a global perspective."
Shares in Oracle Power were up 7.7% to 0.18 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News reporter
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