Oracle Power expects LoI for 1.2-GW renewables hybrid in Pakistan

Oracle Power PLC (LON:ORCP) on Wednesday said it is poised to receive a letter of intent (LoI) from Pakistan’s province of Sindh about a 1.2-GW solar, wind and green hydrogen project.

The project is being progressed by Oracle Energy Ltd, a joint venture between Oracle and Shaikh Ahmed Dalmook Al Maktoum of Dubai. It will see a 400-MW electrolyser powered by a 1.2-GW hybrid renewables power plant and with the potential to produce up to 55,000 tonnes of green hydrogen a year.

Oracle said today it has received a letter from the Directorate of Alternative Energy of the government of Sindh saying it will issue a LoI regarding the green hydrogen project to the company.

The LoI, which is subject to the provision of a USD 600,000 (EUR 586,855) performance guarantee by Oracle Energy, is expected to allow for the production of green hydrogen for business-to-business usage, sale to utilities and other uses.

“We will embark on detailed technical and financial feasibilities, and are in advanced dialogue with technology providers, equipment suppliers and consultants,” said Oracle chief executive Naheed Memon. The CEO added the company will also proceed with further discussions with buyers of green hydrogen and green ammonia in the region and in Europe.

Oracle is a London-listed natural resource and power project developer with a focus on Western Australia and Pakistan.

(USD 1 = EUR 0.978)

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