20 March 2025
Oracle Power
PLC
("Oracle" or
the "Company")
Extension Granted for LOI Validity Period for
Renewable Power Plant
Oracle Power PLC (AIM:ORCP), an
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 granted
an extension to 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
powerplant in Jhimpir, Sindh Province in Pakistan. The LOI was
valid until 23 January 2025 and it has now been extended to 13 May
2026.
The extension approval was granted after the
Department of Energy, Government of Sindh considered Oracle
Energy's request dated 20 January 2025, and was satisfied with the
significant progress achieved on the project to date. Some recent
significant milestones accomplished include the completion of a
comprehensive Interconnection & Transmission Grid Study
completed by Power Planners International (Pvt) Ltd, integration of
Renewable Power and Hydrogen / Ammonia Feasibility Studies and
ongoing progress on negotiations with potential investors.
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 and a further announcement
will be made in due course.
Naheed Memon, CEO of
Oracle, commented:
"The extension of
the LOI supports ongoing development, as we continue to progress on
financing, investment matters and offtake contracts. We appreciate
the valuable support from the Department of Energy, Government of
Sindh, and will provide further updates as we progress."
**ENDS**
For further
information on Oracle, visit the Company's website
www.oraclepower.co.uk or
contact:
Oracle Power
PLC
Naheed Memon - CEO
+44 (0) 203 580 4314
Strand Hanson Limited
(Nominated Adviser & Broker)
Rory Murphy, Matthew Chandler, Rob Patrick
+44 (0) 20
7409 3494
St Brides Partners
Limited (Financial PR)
Susie Geliher, Isabel de
Salis
oracle@stbridespartners.co.uk
