REG - Oracle Power PLC - ESIA Report Completed

Oracle PowerAnnouncement

17/04/2024 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240417:nRSQ8558Ka&default-theme=true

RNS Number : 8558K  Oracle Power PLC  17 April 2024

 

17 April 2024

Oracle Power PLC

("Oracle" or the "Company")

 

ESIA Report Completed re: Renewable Power Production Facility

 

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 the successful
completion of the Environmental & Social Impact Assessment (ESIA) for its
proposed 1.3 GW renewable power plant located in Jhimpir, Sindh Province,
Pakistan. The ESIA was conducted by SGS Pakistan, a leading inspection,
verification, testing and certification company.

 

The ESIA covered a comprehensive analysis of the impacts of the development of
a proposed 1.3GW renewable power facility, including an 800MW solar project, a
500MW wind project and a 450MWh battery energy storage system. The study
adhered to environmental regulations outlined by the Sindh Environmental
Protection Agency (SEPA) and international guidelines provided by
international lenders, such as the International Finance Corporation and the
Asian Development Bank.

 

The methodology employed for the ESIA involved the rigorous collection of
baseline primary and secondary data, comprehensive wildlife surveys conducted
on the project site, a review of relevant national environmental legislations
and international guidelines and key public consultations and extensive
engagement with local key stakeholders. The ESIA report concluded that the
proposed hybrid renewable power facility will not have any significant adverse
environmental and social impact. The project's site does not fall within any
sensitive or protected area and the land is covered with shrubs. Hence, there
is no need for the removal of any significant vegetation for the construction
of the planned project. Furthermore, no threatened or near threatened wildlife
species were recorded in the project area. It was also noted that a
significant improvement in economic activities in the surrounding areas, due
to the generation of direct and indirect employment opportunities by the
project, can be expected.

 

In addition, careful implementation of the envisaged Environmental Management
Plan (EMP) should ensure that all environmental impacts are managed and
minimised, and that the developer meets all statutory requirements.

 

Oracle Energy will now proceed to submit the ESIA report to the Sindh
Environmental Protection Agency (SEPA) and the Pakistan Environmental
Protection Agency for their review and approval. A no-objection certificate
(NOC) from SEPA would serve to provide the required endorsement, which is
crucial for prospective lenders and investors. The Company looks forward to
progressing the financial arrangements for the planned construction of the
project, in alignment with regulatory requirements and stakeholder
expectations. A further announcement(s) will be made in due course.

 

Naheed Memon, CEO of Oracle, commented:

"The successful completion of the ESIA for the proposed renewable power
production facility represents a significant milestone in the development of
this project.  Following the thorough assessments of potential environmental
and social impacts and the report's findings that the proposed hybrid power
project will not lead to significant adverse environmental and social impacts,
we have confidence in the project's ability to mitigate any adverse effects
and deliver clean, renewable energy to the region. The completion of this
latest study underscores our swift progress towards securing appropriate
financing arrangements in preparation for future construction."

 

-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) 20 7236 1177

 

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 SGS Pakistan (Pvt.) Ltd

SGS is a global, integrated service provider. It offers access to a
comprehensive range of technical capabilities. SGS's professionals have the
knowledge and experience to provide full support, operational strength and
troubleshoot clients' problems. SGS Pakistan is a subsidiary of Société
Générale de Surveillance (SGS) with its headquarters in Geneva, Switzerland.
The core activities of the SGS Group include consultancy, inspection and
monitoring services to diverse industries such as petroleum, construction,
agriculture, consumer goods and industrial equipment, as well as to
governmental, State and international institutions. These services help to
ensure contract compliance, the speed and efficiency of transactions, the
safety and reliability of plant and equipment and adherence with delivery and
production schedules.

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  MSCFZGMDKVMGDZM