MoU with Global Green Growth Institute

Oracle Power PLC

26 June 2023

 

26 June 2023

Oracle Power PLC

("Oracle", the "Company" or the "Group")

MoU with Global Green Growth Institute

Oracle Power PLC (AIM: ORCP), a developer of energy projects, is pleased to announce a strategic Memorandum of Understanding (MoU) with the Global Green Growth Institute ("GGGI"), an international organisation headquartered in Seoul, the Republic of Korea, to provide a general framework for cooperation and collaboration between the two Parties (the "Parties") in support of the 2030 Agenda for Sustainable Development and Paris Climate Agreement.

Founded in 2012, the GGGI's primary objective is to promote sustainable development in developing and emerging countries in Asia by taking a holistic and balanced approach to economic progress, environmental protection, social well-being and sharing knowledge and opportunities for participating stakeholders to engage with green project development and financing.

Oracle is developing green energy projects, with its first planned projects being its 1GW Solar Project at Thar Block VI and its significant Green Hydrogen production project in Pakistan, which has a target output of approximately 55,000 tonnes of high purity green hydrogen annually via its subsidiary Oracle Energy, a joint venture with HH Sheikh Ahmed Dalmook Al Maktoum.

Memorandum of Understanding

The MoU is valid for a five-year period, and in which GGGI will provide platforms and forums to Oracle for engaging with industry stakeholders, with the aim of facilitating development and financing its green energy projects. Besides other areas of cooperation and collaboration that may be mutually agreed, the Parties will share knowledge and best practices to promote renewable energy sources including, but not limited to, green hydrogen in GGGI member and partner countries.

GGGI

Headquartered Soeul, Korea GGGI is led by Ban Ki-moon, the 8th Secretary General of the United Nations, as the President and Chair of its Council. It is a treaty-based intergovernmental organisation, established to assist Asian nations in achieving their Net Zero goals by 2050. It operates in 37 countries through 186 projects, in addition to helping these countries achieve their Nationally Determined Contributions, which has served to mobilise cumulative green investments of more than US$7 billion combined.

Commenting on the MoU with GGGI, Naheed Memon, Chief Executive Officer of Oracle, said: "The signing of the MOU with GGGI is a fantastic endorsement for Oracle as a green energy project developer, providing us with a platform for collaboration and engagement with global stakeholders, for all of the Company's renewable energy projects for the next five years. This relationship also strengthens the credentials of our ongoing 400 MW Green Hydrogen Project in Pakistan. We strongly believe this MOU with GGGI places us in a far stronger position and is another step forward, as we prepare to engage with potential financiers and investors. We also stand to benefit greatly from the exposure to industry knowledge and connectivity by engaging with industry stakeholders via GGGI's various collaboration platforms."

For further information:

Oracle Power PLC Naheed Memon (Chief Executive Officer)	[phone]
Buchanan Bobby Morse, Oonagh Reidy, Abigail Gilchrist	[phone] [e-mail]

 

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