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Highlights

  • Oracle Power extends MoU with CET for its Green Hydrogen Project in Pakistan
  • Green Hydrogen Project aims to produce 150,000kg of hydrogen daily at full capacity
  • The MoU extension secures development until March 2027, focusing on renewable energy

Oracle Power PLC (AIM: ORCP), through its joint venture Oracle Energy Limited, has announced the renewal of its Memorandum of Understanding (MoU) with China Electric Power and Technology Co., Ltd (CET). Initially signed on March 7, 2023, the MoU, which was set to expire on March 2, 2025, has now been extended for an additional two years, lasting until March 1, 2027. This extension supports the continued development of Oracle Energy's Green Hydrogen Project in Thatta, Sindh Province, Pakistan.

CET, a subsidiary of State Grid Corporation of China, is a global leader in utility services and renewable energy projects. The renewed MoU is focused on advancing the development, financing, construction, operation, and maintenance of the Green Hydrogen Project, which will combine 800MW of solar energy, 500MW of wind power, and battery storage. The planned facility is projected to be one of Asia’s largest green hydrogen production plants, with an estimated daily output of 150,000kg of hydrogen, equating to 55,000 tons annually.

The Green Hydrogen Project is a key part of Oracle Energy’s broader goal to create a significant renewable energy hub in Pakistan. To date, CET has helped Oracle Energy by completing technical and financial studies on renewable power production and grid interconnection, key steps toward the project’s realization. The MoU extension further solidifies CET’s commitment to the project, and Oracle Energy is now focused on securing off-take agreements and completing financial arrangements.

With the partnership’s continued development, the project is expected to play a crucial role in expanding green hydrogen production capabilities in the region, contributing to the global transition toward cleaner energy.