Last checked at 21 May 2024 07:01
21 May 2024
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Extension Granted for LOI Validity Period for Renewable Power Plant
Oracle Power PLC (AIM:ORCP), the international project developer, is pleased to announce that the Company's joint venture company, Oracle Energy Limited ("Oracle Energy" or the "Joint Venture"), has been has granted an extension in the validity period of the Letter of Intent ("LOI") by the Directorate of Alternative Energy of the Government of Sindh for the development of its proposed 1.3 GW renewable energy power plant in Jhimpir, Sindh Province in Pakistan. The LOI, originally issued on 13 September 2022, expired on 13 March 2023. It has now been extended up until 23 January 2025.
The extension approval was granted after the Department of Energy, Government of Sindh considered Oracle Energy's request dated 20 March 2024, and were satisfied with the significant progress achieved on the project to date. Key milestones accomplished include the completion of bankable technical and commercial hydrogen and ammonia studies by Thyssenkrupp Udhe, a commercial and technical renewable power study by State Grid, a topographic survey by FUGRO, an environmental and social impact assessment by SGS, and geotechnical study and electrical resistivity survey by F&M. The grid interconnection and transmission study is ongoing and is expected to be completed in a few weeks.
The extension is subject to the submission of an extended bank guarantee of $600,000 ("Bank Guarantee"), to be provided within 15 days from the issuance of the extension letter. The Company has applied for the Bank Guarantee extension.
Naheed Memon, CEO of Oracle, commented:
"The extension of the LOI provides for further accelerated development, as we continue to achieve milestones leading to potential completion of financing and investment decision for the project. We appreciate the continued support from the Department of Energy, Government of Sindh, and hope to provide further updates as we progress."
*ENDS*
For further information visit 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, Isabelle Morris | oracle@stbridespartners.co.uk |