REG - Oracle Power PLC - Completed FS for Green Hydrogen & Ammonia Project

Oracle PowerAnnouncement

06/02/2024 07:00

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RNS Number : 0744C  Oracle Power PLC  06 February 2024

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 (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

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