19 February 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Commencement of ESIA Study for
Renewable Power Production Facility
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 the commencement of the Environmental & Social Impact
Assessment (ESIA) for the Renewable Power plant on its project land
site in Jhimpir, in the Sindh Province of
Pakistan. Oracle Energy has appointed SGS
Pakistan ("SGS") a
leading inspection, verification, testing, and certification
company, to conduct the ESIA Study.
The ESIA will cover a comprehensive
study for 1.3GW of renewable power encompassing a 800MW solar project, a
500MW wind project,
and a 450MWh
battery energy storage system in accordance with the
environmental regulations outlined by Sindh Environmental
Protection Agency and based on international guidelines provided by
International Finance Corporation, Asian Development Bank, other
Development Finance Institutions, and commercial
lenders.
The ESIA methodology involves
collection of baseline primary and secondary environmental data,
and determination of sensitivities for prediction and evaluation of
impacts. This study will consider the renewable power aspect, with subsequent phases
focusing on the chemical and transmission components. SGS will also carry out a comprehensive
wildlife survey on
the extensive land site.
The ESIA report will encompass a
review of all applicable environmental national legislations and
international guidelines. Furthermore, public consultation and
engagement with key stakeholders, assessment of impact on land,
land-based infrastructure, local settlements and a rigorous
wildlife survey will be completed. A detailed environmental
management plan and performance monitoring plan for the
construction and operational phase will be prepared. In due course
the final ESIA report will be presented to the Sindh Environmental
Protection Agency (Sindh EPA), and aligning with Pakistan EPA, a
Non-Objection Certificate will be sought.
Naheed Memon, CEO of Oracle, commented:
"The commencement of the ESIA Study, in order to obtain
clearance from national environmental agency and endorsement from
international stakeholders, marks a very important milestone in the
development pathway of our green energy project. It also
demonstrates our commitment to swift project development as we
continue to align and engage with prospective lenders and
investors. As a company, we are committed to adhering to the
highest environmental and social standards as we advance the
development of our green energy project."
-ENDS-
For further
information on Oracle Power PLC, visit the
Company's website 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 SGS Pakistan
(Pvt.) Ltd
SGS is a global, integrated service
provider. It offers access to a comprehensive range of technical
capabilities. SGS's professionals have the knowledge and experience
to provide full support, operational strength and troubleshoot
clients' problems. This is illustrated daily by facilities all over
the world. SGS Pakistan is a subsidiary of Société Générale de
Surveillance (SGS) with its headquarters in Geneva, Switzerland.
The core activities of the SGS Group include consultancy,
inspection and monitoring services to diverse industries such as
petroleum, construction, agriculture, consumer goods and industrial
equipment, as well as to governmental, State and international
institutions. These services help to ensure contract compliance and
ensure the speed and efficiency of transactions, the safety and
reliability of plant and equipment, and the respect of delivery and
production schedules.