Oracle Power PLC SUBMISSION OF POWER PLANT PROPOSAL (5079W)
15 November 2017 - 6:00PM
UK Regulatory
TIDMORCP
RNS Number : 5079W
Oracle Power PLC
15 November 2017
Oracle Power PLC
15 November 2017
ORACLE POWER PLC
("Oracle" or the "Company" or the "Group")
SUBMISSION OF POWER PLANT PROPOSAL
Oracle 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.
The 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").
If 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.
Prior 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.
Shahrukh Khan, CEO of Oracle, said:
"This submission to the PPIB is a further step in the formal
process to enable the construction of a power plant for an initial
660MW in Thar. The Company would like to extend its thanks to the
Pakistani Authorities who have continued to support Oracle's
efforts in bringing this sizeable project to financial close.
"With the financing partners now identified and keen to progress
the Project in a timely fashion, the Company will continue to
update shareholders on progress as milestones are achieved."
For further information please contact:
Oracle Power PLC +44 (0) 203
Shahrukh Khan 580 4314
Brandon Hill Capital Limited +44 (0)203
Oliver Stansfield 463 5000
Peterhouse Corporate Finance +44 (0) 207
Charles Goodfellow 220 9791
Grant Thornton UK LLP
Salmaan Khawaja, Richard Tonthat, +44 (0) 207
Daniel Bush 383 5100
Blytheweigh
Tim Blythe, Camilla Horsfall, +44 (0) 207
Megan Ray 138 3204
Fortbridge Consulting +44 (0)7966
Matt Beale, Bill Kemmery 389196
Notes for Editors:
About PowerChina:
PowerChina is a state-owned enterprise and is the owner of
Sinohydro as well as the Hydrochina Corporation, China Renewable
Energy Engineering Institute, Shandong Electric Power Company and
numerous electric power design institutes and power construction
companies. PowerChina provides planning, survey, design and
engineering, finance, construction, installation, and operation and
maintenance for power and infrastructure projects. In 2016,
PowerChina had revenues of GBP36.8 billion, net assets of GBP62.2
billion and employed 187,000 staff. PowerChina has already
successfully secured financial close on several CPEC
(China-Pakistan Economic Corridor) listed projects and are
proceeding with these power plant project constructions in
Pakistan.
About SCIG:
SCIG is a Chinese state-owned investment company which invests
in and manages projects in a range of sectors, including energy
resources, transportation, communications, raw materials,
electromechanical, agriculture and forestry. SCIG is China's fourth
largest and Sichuan Province's largest local electrical power
investment company, having a total install capacity of 36.04GW. In
2016, SCIG had revenues of GBP0.9 billion and net assets of GBP3.3
billion; it employs approximately 7,000 staff.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBIBMTMBBBTTR
(END) Dow Jones Newswires
November 15, 2017 02:00 ET (07:00 GMT)
Oracle Power (LSE:ORCP)
Historical Stock Chart
From Apr 2024 to May 2024
Oracle Power (LSE:ORCP)
Historical Stock Chart
From May 2023 to May 2024