Oracle Power PLC Extension Granted for LOI Validity Period

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 or contact:

 

Oracle Power PLC

Naheed Memon - CEO                                                                                                                  [phone]

Strand Hanson Limited (Nominated Adviser & Broker)

Rory Murphy, Matthew Chandler, Rob Patrick                                                                         [phone]

St Brides Partners Limited (Financial PR)

Susie Geliher, Isabel de Salis                                                                                       [e-mail]

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 [e-mail] or visit 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.

 

END

 

 

MSCKZGMFVLKGKZM