Business
MEMORANDUM OF AGREEMENT ON PROJECT FUNDING
MEMORANDUM OF AGREEMENT ON PROJECT FUNDING.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 9008R Oracle Power PLC 27 September 2017 \n\n \n \n \n27 September 2017\n \n \n \nORACLE POWER PLC\n(\"Oracle\" or the \"Company\" or the \"Group\")\n \nMEMORANDUM OF AGREEMENT ON PROJECT FUNDING\n \nOracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in the Thar desert in the south-eastern Sindh Province of Pakistan, today announces that it has agreed in principle a Memorandum of Understanding (\"MOU\") with two Chinese State-owned Enterprises for the full development and funding of its flagship Thar project. The MOU sets out, inter alia, that the Chinese parties will take a significant majority equity holding, will arrange debt finance and will provide Engineering, Procurement and Construction (EPC) contractors for the coal mine and power plant. \n \nMOU terms are being finalised and it is anticipated that the MOU will be formally signed during October 2017. The MOU, once executed, will supersede previous MOUs and shareholder framework agreements relating to the development of the mine and power projects that have been announced by the Company.\n \nA further announcement, with details of the terms of the MOU, will be released once the MOU is finalised.\n \nShahrukh Khan, CEO of Oracle, said:\n \n\"This is a positive step-forward in taking our project through to financial close. I thank our Chinese partners for the confidence they have shown in the project and in Pakistan and I look forward to working with them.\" \n \n \nFor further information please contact:\n \n\n\n\n\nOracle Power PLC \nShahrukh Khan\n \n\n\n+44 (0) 203 580 4314\n\n\n\n\nBrandon Hill Capital Limited\nOliver Stansfield\n \n\n\n+44 (0)203 463 5000\n\n\n\n\nPeterhouse Corporate Finance \nCharles Goodfellow\n \n\n\n+44 (0)20 7220 9791\n\n\n\n\nGrant Thornton UK LLP \nSalmaan Khawaja, Richard Tonthat, Daniel Bush \n \n\n\n+44 (0) 207 383 5100\n\n\n\n\nBlytheweigh &nbs...