Oracle Power PLC MoU with Global Green Growth Institute
June 26 2023 - 2:00AM
RNS Non-Regulatory
TIDMORCP
Oracle Power PLC
26 June 2023
26 June 2023
Oracle Power PLC
("Oracle", the "Company" or the "Group")
MoU with Global Green Growth Institute
Oracle Power PLC (AIM: ORCP), a developer of energy projects, is
pleased to announce a strategic Memorandum of Understanding (MoU)
with the Global Green Growth Institute ("GGGI"), an international
organisation headquartered in Seoul, the Republic of Korea, to
provide a general framework for cooperation and collaboration
between the two Parties (the "Parties") in support of the 2030
Agenda for Sustainable Development and Paris Climate Agreement.
Founded in 2012, the GGGI's primary objective is to promote
sustainable development in developing and emerging countries in
Asia by taking a holistic and balanced approach to economic
progress, environmental protection, social well-being and sharing
knowledge and opportunities for participating stakeholders to
engage with green project development and financing.
Oracle is developing green energy projects, with its first
planned projects being its 1GW Solar Project at Thar Block VI and
its significant Green Hydrogen production project in Pakistan,
which has a target output of approximately 55,000 tonnes of high
purity green hydrogen annually via its subsidiary Oracle Energy, a
joint venture with HH Sheikh Ahmed Dalmook Al Maktoum.
Memorandum of Understanding
The MoU is valid for a five-year period, and in which GGGI will
provide platforms and forums to Oracle for engaging with industry
stakeholders, with the aim of facilitating development and
financing its green energy projects. Besides other areas of
cooperation and collaboration that may be mutually agreed, the
Parties will share knowledge and best practices to promote
renewable energy sources including, but not limited to, green
hydrogen in GGGI member and partner countries.
GGGI
Headquartered Soeul, Korea GGGI is led by Ban Ki-moon, the 8th
Secretary General of the United Nations, as the President and Chair
of its Council. It is a treaty-based intergovernmental
organisation, established to assist Asian nations in achieving
their Net Zero goals by 2050. It operates in 37 countries through
186 projects, in addition to helping these countries achieve their
Nationally Determined Contributions, which has served to mobilise
cumulative green investments of more than US$7 billion
combined.
Commenting on the MoU with GGGI, Naheed Memon, Chief Executive
Officer of Oracle, said: " The signing of the MOU with GGGI is a
fantastic endorsement for Oracle as a green energy project
developer, providing us with a platform for collaboration and
engagement with global stakeholders, for all of the Company's
renewable energy projects for the next five years. This
relationship also strengthens the credentials of our ongoing 400 MW
Green Hydrogen Project in Pakistan. We strongly believe this MOU
with GGGI places us in a far stronger position and is another step
forward, as we prepare to engage with potential financiers and
investors. We also stand to benefit greatly from the exposure to
industry knowledge and connectivity by engaging with industry
stakeholders via GGGI ' s various collaboration platforms."
For further information:
Oracle Power PLC
Naheed Memon (Chief Executive Officer) +44 (0) 203 580 4314
Buchanan +44 (0) 20 7466 5000
Bobby Morse, Oonagh Reidy, Abigail oracle@buchanan.uk.com
Gilchrist
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