Business
SUBMISSION OF POWER PLANT PROPOSAL
SUBMISSION OF POWER PLANT PROPOSAL.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 5079W Oracle Power PLC 15 November 2017 \n\n\nOracle Power PLC\n15 November 2017\n \n \n \n \n \n \nORACLE POWER PLC\n(\"Oracle\" or the \"Company\" or the \"Group\")\n \n \nSUBMISSION OF POWER PLANT PROPOSAL\n \n \nOracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in Block VI of the Thar desert in the south-east of the Sindh Province of Pakistan (the \"Project\"), announces that together with its consortium partners, the two Chinese State-owned Enterprises: Sichuan Provincial Investment Group Co. Limited (\"SCIG\") and PowerChina International Group Limited (\"PowerChina\"), (together the \"Parties\") it has submitted to the Private Power and Infrastructure Board (\"PPIB\"), the regulator of the Pakistan power industry, a proposal to build, own and operate a private power plant in Pakistan of 660 MW (the \"Proposal\"), as the first phase of a 1,320 MW project.\n \nThe Proposal includes summary details of the Parties, technical details of the proposed power plant and the availability of fuel from Thar Block VI, financial details of the Parties, their power project experience and the Consortium Agreement (\"CA\"). \n \nIf the Proposal is accepted by the PPIB, the PPIB will undertake to issue a letter of intent (\"LOI\") in respect of the power plant. The LOI requires the Parties to submit an electricity tariff application to the National Electric Power Regulatory Authority (\"NEPRA\") and to apply for a generation licence from NEPRA. Once the tariff is determined and the generation licence issued, PPIB then issues a letter of support, which enables the Power Purchase Agreement and the Implementation Agreement with the Pakistani Government Authorities to be finalised. It is anticipated that this process will be concluded within three months. \n \nPrior to the signing of the CA, and as announced on 27 September 2017, the Parties have agreed in-principle a memorandum of understanding (\"MOU\"). The finalised MOU is expected to be signed this month, to be followed thereafter by definitive agreements. \n \n Shahrukh Khan, CEO of Oracle, said:\n \n\"This submission to the PPIB is a further step in the...