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