REG - Oracle Power PLC - Extension Granted for LOI Validity Period

Oracle PowerAnnouncement

20/03/2025 07:00

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RNS Number : 3616B  Oracle Power PLC  20 March 2025

20 March 2025

Oracle Power PLC

("Oracle" or the "Company")

 

Extension Granted for LOI Validity Period for Renewable Power Plant

 

Oracle Power PLC (AIM:ORCP), an international project developer, is pleased
to announce that the Company's joint venture company, Oracle Energy Limited
("Oracle Energy" or the "Joint Venture"), has been granted an extension to the
validity period of the Letter of Intent ("LOI") by the Directorate of
Alternative Energy of the Government of Sindh for the development of its
proposed 1.3 GW renewable energy powerplant in Jhimpir, Sindh Province in
Pakistan. The LOI was valid until 23 January 2025 and it has now been extended
to 13 May 2026.

 

The extension approval was granted after the Department of Energy, Government
of Sindh considered Oracle Energy's request dated 20 January 2025, and was
satisfied with the significant progress achieved on the project to date. Some
recent significant milestones accomplished include the completion of a
comprehensive Interconnection & Transmission Grid Study completed by Power
Planners International (Pvt) Ltd, integration of Renewable Power and Hydrogen
/ Ammonia Feasibility Studies and ongoing progress on negotiations with
potential investors.

 

The extension is subject to the submission of an extended bank guarantee of
$600,000 ("Bank Guarantee"), to be provided within 15 days from the issuance
of the extension letter. The Company has applied for the Bank Guarantee
extension and a further announcement will be made in due course.

 

Naheed Memon, CEO of Oracle, commented:

"The extension of the LOI supports ongoing development, as we continue to
progress on financing, investment matters and offtake contracts. We appreciate
the valuable support from the Department of Energy, Government of Sindh, and
will provide further updates as we progress."

 

**ENDS**

 

For further information on Oracle, 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 & Broker)

Rory Murphy, Matthew Chandler, Rob Patrick
                                                +44
(0) 20 7409 3494

St Brides Partners Limited (Financial PR)

Susie Geliher, Isabel de
Salis
oracle@stbridespartners.co.uk (mailto:oracle@stbridespartners.co.uk)

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