REG - Oracle Power PLC - 1.3GW renewable power plant ESIA report submitted

Oracle PowerAnnouncement

25/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240425:nRSY9117La&default-theme=true

RNS Number : 9117L  Oracle Power PLC  25 April 2024

25 April 2024

Oracle Power PLC

("Oracle" or the "Company")

 

ESIA Study Report Submitted for Proposed 1.3 GW Renewable Power Plant in
Pakistan

 

Oracle Power PLC (AIM: ORCP), an international project developer, together
with its joint venture company, Oracle Energy Limited ("Oracle Energy"), a
developer of green energy projects, is pleased to announce that the
Environmental and Social Impact Assessment ("ESIA") study report (the
"Report") for the proposed 1.3 GW renewable power plant in Jhimpir, Sindh
Province, Pakistan (the "Power Plant"), has been submitted to the Sindh
Environmental Protection Agency ("SEPA") for review, with a No-Objection
Certificate ("NOC") expected to be granted thereafter as a prerequisite for
commencing on-ground construction activities.

 

The Report, prepared by SGS Pakistan (Pvt.) Ltd in compliance with Section 17
of the Sindh Environmental Protection Act 2014 (the "Act"), outlines the
environmental implications of the proposed Power Plant and delineates the
mitigation measures to address potential impacts. Encompassing a comprehensive
analysis of the Power Plant's environmental footprint, including assessments
of, inter alia, air quality, noise levels, biodiversity, and socio-economic
aspects, the Report, as announced on 17 April 2024, concludes that the impacts
of the proposed Power Plant are not significant or adverse and the site does
not lie in a sensitive area.

 

According to Section 17 of the Act, any construction or development endeavor
within the Sindh Province necessitates SEPA's NOC, which is contingent upon a
satisfactory review of the submitted Report. SEPA's approval signifies the
fulfillment of requisite environmental standards and the adoption of
precautionary measures to safeguard against adverse environmental effects
during and after project implementation. The Company expects SEPA's review to
be approximately a two-three-month process and will provide an update in this
regard in due course.

 

Naheed Memon, CEO of Oracle, commented: "The submission of the report to SEPA
is another important step forward in the development of this project, as on
the expected receipt of the NOC we will then be able to satisfy further
conditions of financiers. We await SEPA's review, which is expected in 2-3
months, as we continue our efforts to deliver a successful clean energy
project."

 

-ENDS-

 

For further information on Oracle Power PLC, visit the Company's website
at www.oraclepower.co.uk (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)
   +44 (0) 20 7048 9432

Samantha Esqulant

 

St Brides Partners Limited (Financial PR)
                                       +44
(0) 20 7236 1177

Susie Geliher / Isabel de Salis

 

About SEPA

Established in 1989, through an act of government, the Sindh Environmental
Protection Agency (SEPA) safeguards environmental quality within Sindh
province, Pakistan. SEPA enforces environmental regulations, actively tackles
pollution, and promotes sustainable practices. They monitor air and water
quality, issue environmental permits, and educate the public. Working in
coordination with the national Pakistan Environmental Protection Agency
(PEPA), SEPA strives for a cleaner, healthier Sindh for all residents.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCZZLFLZZLZBBV