17 April 2024
Oracle Power
PLC
("Oracle" or the
"Company")
ESIA Report Completed
re: 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
successful completion of the Environmental
& Social Impact Assessment (ESIA) for its proposed 1.3 GW
renewable power plant located in Jhimpir, Sindh Province, Pakistan.
The ESIA was conducted by SGS Pakistan, a
leading inspection, verification, testing
and certification company.
The ESIA covered a comprehensive
analysis of the impacts of the development of a proposed 1.3GW
renewable power facility, including an 800MW solar project, a 500MW
wind project and a 450MWh battery energy storage system. The study
adhered to environmental regulations outlined by the Sindh
Environmental Protection Agency (SEPA) and international guidelines
provided by international lenders, such as the International
Finance Corporation and the Asian Development Bank.
The methodology employed for the
ESIA involved the rigorous collection of baseline primary and
secondary data, comprehensive wildlife surveys conducted on the
project site, a review of relevant national environmental
legislations and international guidelines and key public
consultations and extensive engagement with local key
stakeholders. The ESIA report concluded that
the proposed hybrid renewable power facility will not have any
significant adverse environmental and social impact. The project's
site does not fall within any sensitive or protected area and the
land is covered with shrubs. Hence, there is no need for the
removal of any significant vegetation for the construction of the
planned project. Furthermore, no threatened or near threatened
wildlife species were recorded in the project area. It was also
noted that a significant improvement in economic activities in the
surrounding areas, due to the generation of direct and indirect
employment opportunities by the project, can be
expected.
In addition, careful implementation
of the envisaged Environmental Management Plan (EMP) should ensure
that all environmental impacts are managed and minimised, and that
the developer meets all statutory requirements.
Oracle Energy will
now proceed to submit
the ESIA report to the Sindh Environmental
Protection Agency (SEPA) and the Pakistan Environmental Protection
Agency for their review and approval. A no-objection certificate
(NOC) from SEPA would serve to provide the required endorsement, which is crucial for
prospective lenders and
investors. The Company looks forward to progressing
the financial arrangements
for the planned construction of the project, in
alignment with regulatory requirements and stakeholder
expectations. A further announcement(s) will be made in due
course.
Naheed Memon, CEO of Oracle,
commented:
"The successful completion of the ESIA for the proposed
renewable power production facility represents a significant
milestone in the development of this project. Following the
thorough assessments of potential environmental and social impacts
and the report's findings that the proposed hybrid power project
will not lead to significant adverse environmental and social
impacts, we have confidence in the project's ability to mitigate
any adverse effects and deliver clean, renewable energy to the
region. The completion of this latest study underscores our swift
progress towards securing appropriate financing arrangements in
preparation for future construction."
-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) 20 7236 1177
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. 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,
the speed and efficiency of transactions, the safety and
reliability of plant and equipment and adherence with delivery and
production schedules.