Oracle Power PLC - Cambridge, England-based power and natural resource project developer with focus on Pakistan - Oracle Power's joint venture company, Oracle Energy, has been issued with a letter of intent from the Directorate of Alternative Energy in Sindh province in Pakistan. The letter of intent relates to the establishment of a 1,200 megawatt hybrid solar, wind and green hydrogen power project. The issuance of the letter of intent follows confirmation of the receipt of a USD600,000 bank guarantee on behalf of Oracle Energy.
"This letter of intent gives us the confidence to move forward determinedly with our pioneering green hydrogen project in Pakistan. With the support of the Directorate of Alternative Energy, and of course our joint-venture partner, His Highness Sheikh Ahmed Dalmook Al Maktoum, we are in a solid position to make material progress with our plans to establish a hybrid solar/wind, green hydrogen/power project of up to 1,200MW in a rapid timeframe," Chief Executive Officer Naheed Memon said.
Sheikh Ahmed Dalmook Al Maktoum is a member of the ruling family of Dubai.
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By Chris Dorrell; chrisdorrell@alliancenews.com
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