LONDON: Oracle Power PLC (AIM: ORCP), through its joint venture Oracle Energy Limited, announced an extension of its strategic agreement with China Electric Power and Technology Co., Ltd. (CET) to further advance the development of the Green Hydrogen Project in Thatta, Sindh Province.
The Memorandum of Understanding (MoU), initially signed on March 7, 2023, was set to expire on March 2, 2025, but has now been renewed for an additional two years, extending to March 1, 2027.
CET, a subsidiary of the State Grid Corporation of China, the world’s largest utility company, is tasked with financing, constructing, operating, and maintaining renewable energy projects globally. The collaboration focuses on the Hybrid Renewable Energy Production and Storage facility within the Green Hydrogen Project, which integrates 800MW of solar energy, 500MW of wind energy, and battery storage technology.
Once fully operational, the facility aims to produce approximately 150,000 kilograms of hydrogen daily, equivalent to 55,000 tons annually, making it one of Asia’s largest green hydrogen production facilities.
Naheed Memon, CEO of Oracle Power PLC, expressed enthusiasm about the partnership’s progress. “Oracle Energy’s vision of developing one of the largest green hydrogen production facilities globally has progressed significantly toward being realized through partnering with CET. We are grateful to this State Grid subsidiary for its continued support,” Memon said. She added that CET’s work on technical and financial studies has been pivotal to the project’s advancement.
Oracle Energy is now focused on securing off-take arrangements and completing financial agreements to ensure the project’s timely execution.
