25 April 2024
Oracle Power
PLC
("Oracle" or the
"Company")
ESIA
Study Report Submitted
for Proposed 1.3 GW Renewable Power Plant in
Pakistan
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
the Environmental and Social Impact
Assessment ("ESIA") study
report (the "Report")
for the proposed 1.3 GW renewable power plant in
Jhimpir, Sindh Province, Pakistan (the "Power Plant"),
has been submitted to the
Sindh Environmental Protection Agency ("SEPA") for review,
with a No-Objection Certificate ("NOC")
expected to be granted thereafter as a prerequisite for commencing
on-ground construction activities.
The Report, prepared
by SGS Pakistan (Pvt.)
Ltd in compliance with Section 17 of the
Sindh Environmental Protection Act 2014 (the "Act"), outlines the
environmental implications of the proposed Power Plant and
delineates the mitigation measures to address potential
impacts. Encompassing a
comprehensive analysis of the Power Plant's environmental
footprint, including assessments of, inter
alia, air quality, noise levels,
biodiversity, and socio-economic aspects,
the Report, as announced on 17 April 2024, concludes that
the impacts of the proposed Power Plant are not
significant or adverse and the site does not lie in a sensitive
area.
According to Section 17 of the Act,
any construction or development endeavor within the Sindh Province
necessitates SEPA's NOC, which is contingent upon a satisfactory
review of the submitted Report. SEPA's approval signifies the
fulfillment of requisite environmental standards and the adoption
of precautionary measures to safeguard against adverse
environmental effects during and after project
implementation. The Company expects SEPA's
review to be approximately a two-three-month process and will provide an
update in this regard in due course.
Naheed Memon, CEO of Oracle,
commented: "The submission of the report
to SEPA is another important step forward in the development of
this project, as on the expected receipt of the NOC we will then be
able to satisfy further conditions of financiers. We await SEPA's
review, which is expected in 2-3
months, as we
continue our efforts to deliver a successful clean energy
project."
-ENDS-
For further
information on Oracle Power PLC, visit the
Company's website
at 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.