Last checked at 6 Feb 2024 07:00
06 February 2024
Oracle Power PLC
("Oracle" or the "Company")
Completion of Technical & Commercial Feasibility Study
on Renewable Energy Facility for the Green Hydrogen & Ammonia Project
Study supports the development of 1.3 GW of solar and wind power generation facility
Oracle Power PLC (AIM: ORCP), an international project developer, is pleased to announce the completion of a technical and commercial feasibility study (the "Study") undertaken by leading international construction engineering company, China Electric Power Equipment and Technology Co., Ltd. ("CET"), a wholly owned subsidiary of State Grid Corporation of China ("SGCC"), Shanghai Investigation, and Design and Research Institute Co. Ltd ("SIDRI"), relating to the proposed hybrid renewable power plant for the group's green hydrogen and green ammonia project (the "Project") in Pakistan.
The Project, which is being developed by the Company's joint venture company, Oracle Energy Limited ("Oracle Energy"), is targeting a 400 MW capacity green hydrogen production facility with annual production of 55,000 tonnes of green hydrogen. The renewable power facility for the Project will be established in the designated wind corridor in the province of Sindh in southern Pakistan. The completed power study confirms that the Project is expected to deploy 800MW of solar (an increase from the original 700 MW), 500MW of wind power, and 450MWh of battery energy storage to support the production of green hydrogen. The Study meticulously evaluates wind and solar energy mapping, categorising the solar energy resource at the site as Grade A, denoting its richness.
In addition to technical assessments, the Study details regulatory and environmental considerations during the construction phase. The proposed location in the Thatta district of Sindh province, situated in the Gharo-Jhimpir wind corridor, positions the proposed plant strategically for the potential future production and supply of green hydrogen to Pakistan and neighbouring economies.
Oracle Energy envisions Pakistan becoming a pivotal player in the global green hydrogen market, capitalising on its abundant land, and significant renewable resources. As part of the Project's evolution, Oracle Energy and CET are actively exploring safe and cost-effective systems for green hydrogen shipment and transportation. Karachi's robust infrastructure, including two world-class ports, presents a feasible gateway for supplying hydrogen to potential buyers across various regions, reinforcing the Project's economic viability and its potential to reshape Pakistan into being a key contributor to the emerging green hydrogen economy.
CEO of Oracle, Naheed Memon, commented: "This Study for 1.3 GW of renewable power at our site in Jhimpir contributes significantly to further de-risking the Project and provides a clearer pathway for accelerated development activities. We continue to work on the completion of the grid interconnectivity feasibility studies in collaboration with SGCC, as well as geotechnical and environmental studies, which will follow soon after, leading us into the FEED stage and future confirmation of potential off-take and financing arrangements."
*ENDS*
For further information on Oracle Power PLC, visit the Company's website at http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser & Joint Broker)
Rory Murphy, Matthew Chandler, Rob Patrick +44 (0) 20 7409 3494
Global Investment Strategy UK Limited (Joint Broker)
Samantha Esqulant +44 (0) 20 7048 9432
St Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis +44 (0) 20 7236 1177