15 May 2024
Oracle Power
PLC
("Oracle" or the
"Company")
Update regarding Renewable
Energy Project: NOC Awarded by SEPA
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 that it has been awarded a
"no objection certificate" ("NOC") from the Sindh Environmental
Protection Agency ("SEPA") based on the Initial Environmental
Examination ("IEE") report, which is a part of the ESIA report. The
NOC gives permission for the construction of the proposed 1.3 GW
renewable energy power plant in Jhimpir, Sindh Province, Pakistan.
The approval follows a thorough review process of the report
submitted on April 24th, 2024, and a comprehensive project
presentation given at SEPA's office in Karachi on May 9th, 2024, by
the Oracle team and SGS Pakistan. Under the provision of Section 4
of the Sindh Environmental Assessment Regulations, 2021, a project
falling in any category listed in Schedule-II is awarded a NOC
based on the IEE part of the EIA report. Furthermore, Schedule-II
projects are renewable projects which are not in any protective or
sensitive area.
The report, prepared in accordance
with the guidelines outlined in the Sindh Environmental Protection
Act 2014, assessed the environmental impacts of the proposed
project, which includes the installation of 800 MW Solar PV Power
and 500 MW Wind Power with a cumulative capacity of 1300
MW.
In accordance with SEPA's directives,
Oracle Energy is committed to ensuring strict adherence to the
conditions stipulated in the approval, including compliance with
National Environmental Quality Standards ("NEQS") and Sindh
Environmental Quality Standards for wastewater, drinking water, air
emissions, and noise levels. Additionally, Oracle Energy pledges to
implement the Environmental Management Plan outlined in the IEE
report and appoint an Independent Monitoring Consultant to oversee
environmental monitoring activities. Oracle Energy will also
develop comprehensive on-site and off-site emergency plans,
establish a robust Occupational, Health, Safety, and Environment
management system, and undertake extensive tree plantation to
improve the environmental conditions in and around the project
area.
Naheed Memon, CEO of Oracle,
commented: "We are very pleased to receive SEPA's NOC
for the construction of the project, as it meets an important
condition for potential financing of the project and marks another
important milestone in the development of our renewable energy
project in Pakistan. It also underscores our commitment to quick
project advancement and adherence to sustainable development
practices. We remain committed to complying with all the conditions
outlined by SEPA and ensuring the successful implementation of the
project."
-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) 203 580 4314
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 SEPA
Established in 1989, through an act
of government, the Sindh Environmental Protection Agency (SEPA)
safeguards environmental quality within Sindh province, Pakistan.
SEPA enforces environmental regulations, actively tackles
pollution, and promotes sustainable practices. They monitor air and
water quality, issue environmental permits, and educate the public.
Working in coordination with the national Pakistan Environmental
Protection Agency (PEPA), SEPA strives for a cleaner, healthier
Sindh for all residents.