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Oracle Power raises £550,000 as it works to close Thar deal

Shares will be issued at 1.4p. Brandon Hill Capital will own 20.08% of the shares following the placing
coal seam
Thar is in Sindh Province

Oracle Power PLC (LON:ORCP) has raised £550,000 for working capital while it concludes the final agreements for a new coal-fired power plant at Thar in Pakistan.

Shares will be issued at 1.4p. Brandon Hill Capital will own 20.08% of the shares following the placing.

READ: Oracle Power shares leap as partners ratify memorandum for Thar development

Shahrukh Khan, Oracle’s chief executive, said: "We are pleased to confirm this equity placing, which will strengthen the company's balance sheet to continue the work with our Chinese partners to reach financial close of Thar Block VI."

Thar is a combined lignite coal mine and mine mouth power plant in Block VI in the south-eastern Sindh Province of Pakistan.

The US$1.6bn cost of the project will be funded 75:25 between debt and equity with the first phase to be a 660Mw output power plant that will rise eventually to 1,320Mw.

Under the terms of the MoU, Oracle will hold a 12.1% equity stake while its two Chinese partners SCIG and Power China will initially own 78% and 9.9% respectively.

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