REG - Oracle Power PLC - ESIA Study: Renewable Power Production Facility

Oracle PowerAnnouncement

19/02/2024 07:00

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RNS Number : 5211D  Oracle Power PLC  19 February 2024

19 February 2024

Oracle Power PLC

("Oracle" or the "Company")

 

Commencement of ESIA Study for 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 commencement of
the Environmental & Social Impact Assessment (ESIA) for the Renewable
Power plant on its project land site in Jhimpir, in the Sindh Province of
Pakistan.  Oracle Energy has appointed SGS Pakistan ("SGS") a leading
inspection, verification, testing, and certification company, to conduct the
ESIA Study.

 

The ESIA will cover a comprehensive study for 1.3GW of renewable power
encompassing a 800MW solar project, a 500MW wind project, and a 450MWh battery
energy storage system in accordance with the environmental regulations
outlined by Sindh Environmental Protection Agency and based on international
guidelines provided by International Finance Corporation, Asian Development
Bank, other Development Finance Institutions, and commercial lenders.

 

The ESIA methodology involves collection of baseline primary and secondary
environmental data, and determination of sensitivities for prediction and
evaluation of impacts. This study will consider the renewable power aspect,
with subsequent phases focusing on the chemical and transmission components.
SGS will also carry out a comprehensive wildlife survey on the extensive land
site.

 

The ESIA report will encompass a review of all applicable environmental
national legislations and international guidelines. Furthermore, public
consultation and engagement with key stakeholders, assessment of impact on
land, land-based infrastructure, local settlements and a rigorous wildlife
survey will be completed. A detailed environmental management plan and
performance monitoring plan for the construction and operational phase will be
prepared. In due course the final ESIA report will be presented to the Sindh
Environmental Protection Agency (Sindh EPA), and aligning with Pakistan EPA, a
Non-Objection Certificate will be sought.

 

Naheed Memon, CEO of Oracle, commented:

"The commencement of the ESIA Study, in order to obtain clearance from
national environmental agency and endorsement from international stakeholders,
marks a very important milestone in the development pathway of our green
energy project. It also demonstrates our commitment to swift project
development as we continue to align and engage with prospective lenders and
investors.  As a company, we are committed to adhering to the highest
environmental and social standards as we advance the development of our green
energy project."

 

 

-ENDS-

 

For further information on Oracle Power PLC, visit the Company's website
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 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. This is illustrated daily by facilities all
over the world. 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
and ensure the speed and efficiency of transactions, the safety and
reliability of plant and equipment, and the respect of delivery and production
schedules.

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