Business
Extension Granted for LOI Validity Period
Extension Granted for LOI Validity Period.
About this update from Oracle Power Plc
[{"type":"text","content":"\n\n20 March 2025\nOracle Power PLC\n(\"Oracle\" or the \"Company\")\n \nExtension Granted for LOI Validity Period for Renewable Power Plant\n \nOracle Power PLC (AIM:ORCP), an international project developer, is pleased to announce that the Company's joint venture company, Oracle Energy Limited (\"Oracle Energy\" or the \"Joint Venture\"), has been granted an extension to the validity period of the Letter of Intent (\"LOI\") by the Directorate of Alternative Energy of the Government of Sindh for the development of its proposed 1.3 GW renewable energy powerplant in Jhimpir, Sindh Province in Pakistan. The LOI was valid until 23 January 2025 and it has now been extended to 13 May 2026.\n \nThe extension approval was granted after the Department of Energy, Government of Sindh considered Oracle Energy's request dated 20 January 2025, and was satisfied with the significant progress achieved on the project to date. Some recent significant milestones accomplished include the completion of a comprehensive Interconnection & Transmission Grid Study completed by Power Planners International (Pvt) Ltd, integration of Renewable Power and Hydrogen / Ammonia Feasibility Studies and ongoing progress on negotiations with potential investors.\n \nThe extension is subject to the submission of an extended bank guarantee of $600,000 (\"Bank Guarantee\"), to be provided within 15 days from the issuance of the extension letter. The Company has applied for the Bank Guarantee extension and a further announcement will be made in due course.\n \nNaheed Memon, CEO of Oracle, commented: \n\"The extension of the LOI supports ongoing development, as we continue to progress on financing, investment matters and offtake contracts. We appreciate the valuable support from the Department of Energy, Government of Sindh, and will provide further updates as we progress.\"\n \n**ENDS**\n \nFor further information on Oracle, visit the Company's website www.oraclepower.co.uk or contact:\n \nOracle Power PLC\nNaheed Memon - CEO &n...