RCS - Oracle Power PLC - MoU with Global Green Growth Institute

Oracle PowerAnnouncement

26/06/2023 07:00

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RNS Number : 8115D  Oracle Power PLC  26 June 2023

26 June 2023

 

Oracle Power PLC

("Oracle", the "Company" or the "Group")

MoU with Global Green Growth Institute

 

Oracle Power PLC (AIM: ORCP), a developer of energy projects, is pleased to
announce a strategic Memorandum of Understanding (MoU) with the Global Green
Growth Institute ("GGGI"), an international organisation headquartered in
Seoul, the Republic of Korea, to provide a general framework for cooperation
and collaboration between the two Parties (the "Parties") in support of the
2030 Agenda for Sustainable Development and Paris Climate Agreement.

 

Founded in 2012, the GGGI's primary objective is to promote sustainable
development in developing and emerging countries in Asia by taking a holistic
and balanced approach to economic progress, environmental protection, social
well-being and sharing knowledge and opportunities for participating
stakeholders to engage with green project development and financing.

 

Oracle is developing green energy projects, with its first planned projects
being its 1GW Solar Project at Thar Block VI and its significant Green
Hydrogen production project in Pakistan, which has a target output of
approximately 55,000 tonnes of high purity green hydrogen annually via its
subsidiary Oracle Energy, a joint venture with HH Sheikh Ahmed Dalmook Al
Maktoum.

 

Memorandum of Understanding

The MoU is valid for a five-year period, and in which GGGI will provide
platforms and forums to Oracle for engaging with industry stakeholders, with
the aim of facilitating development and financing its green energy projects.
Besides other areas of cooperation and collaboration that may be mutually
agreed, the Parties will share knowledge and best practices to promote
renewable energy sources including, but not limited to, green hydrogen in GGGI
member and partner countries.

 

GGGI

Headquartered Soeul, Korea GGGI is led by Ban Ki-moon, the 8th Secretary
General of the United Nations, as the President and Chair of its Council. It
is a treaty-based intergovernmental organisation, established to assist Asian
nations in achieving their Net Zero goals by 2050. It operates in 37 countries
through 186 projects, in addition to helping these countries achieve their
Nationally Determined Contributions, which has served to mobilise cumulative
green investments of more than US$7 billion combined.

 

Commenting on the MoU with GGGI, Naheed Memon, Chief Executive Officer of
Oracle, said: "The signing of the MOU with GGGI is a fantastic endorsement for
Oracle as a green energy project developer, providing us with a platform for
collaboration and engagement with global stakeholders, for all of the
Company's renewable energy projects for the next five years. This relationship
also strengthens the credentials of our ongoing 400 MW Green Hydrogen Project
in Pakistan. We strongly believe this MOU with GGGI places us in a far
stronger position and is another step forward, as we prepare to engage with
potential financiers and investors. We also stand to benefit greatly from the
exposure to industry knowledge and connectivity by engaging with industry
stakeholders via GGGI's various collaboration platforms."

 

For further information:

  Oracle Power PLC                                                               +44 (0) 203 580 4314

 Naheed Memon (Chief Executive Officer)
 Buchanan                                                                        +44 (0) 20 7466 5000

 Bobby Morse, Oonagh Reidy, Abigail Gilchrist                                    oracle@buchanan.uk.com (mailto:oracle@buchanan.uk.com)

 

 

 

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