REG - Oracle Power PLC - Renewable Energy Project: NOC Awarded by SEPA

Oracle PowerAnnouncement

15/05/2024 07:00

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RNS Number : 4421O  Oracle Power PLC  15 May 2024

 

15 May 2024

 

Oracle Power PLC

("Oracle" or the "Company")

 

Update regarding Renewable Energy Project: NOC Awarded by SEPA

 

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 it has been
awarded a "no objection certificate" ("NOC") from the Sindh Environmental
Protection Agency ("SEPA") based on the Initial Environmental Examination
("IEE") report, which is a part of the ESIA report. The NOC gives permission
for the construction of the proposed 1.3 GW renewable energy power plant in
Jhimpir, Sindh Province, Pakistan. The approval follows a thorough review
process of the report submitted on April 24th, 2024, and a comprehensive
project presentation given at SEPA's office in Karachi on May 9th, 2024, by
the Oracle team and SGS Pakistan. Under the provision of Section 4 of the
Sindh Environmental Assessment Regulations, 2021, a project falling in any
category listed in Schedule-II is awarded a NOC based on the IEE part of the
EIA report. Furthermore, Schedule-II projects are renewable projects which are
not in any protective or sensitive area.

 

The report, prepared in accordance with the guidelines outlined in the Sindh
Environmental Protection Act 2014, assessed the environmental impacts of the
proposed project, which includes the installation of 800 MW Solar PV Power and
500 MW Wind Power with a cumulative capacity of 1300 MW.

 

In accordance with SEPA's directives, Oracle Energy is committed to ensuring
strict adherence to the conditions stipulated in the approval, including
compliance with National Environmental Quality Standards ("NEQS") and Sindh
Environmental Quality Standards for wastewater, drinking water, air emissions,
and noise levels. Additionally, Oracle Energy pledges to implement the
Environmental Management Plan outlined in the IEE report and appoint an
Independent Monitoring Consultant to oversee environmental monitoring
activities. Oracle Energy will also develop comprehensive on-site and off-site
emergency plans, establish a robust Occupational, Health, Safety, and
Environment management system, and undertake extensive tree plantation to
improve the environmental conditions in and around the project area.

 

Naheed Memon, CEO of Oracle, commented: "We are very pleased to receive SEPA's
NOC for the construction of the project, as it meets an important condition
for potential financing of the project and marks another important milestone
in the development of our renewable energy project in Pakistan. It also
underscores our commitment to quick project advancement and adherence to
sustainable development practices. We remain committed to complying with all
the conditions outlined by SEPA and ensuring the successful implementation of
the 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.

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