Energy developer Oracle Power PLC (LON:ORCP) has submitted a power plant proposal to the regulator of Pakistan's power industry.
The Aim-listed company, in partnership with its Chinese consortium partners, wants to build, own and operate a private 660 megawatt (MW) plant in Thar, in the Sindh province of Pakistan, as the first phase of a 1,320 MW project.
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If Pakistan's Private Power and Infrastructure Board (PPIB) accepts the proposal then the applicants will be required to submit an electricity tariff application to the National Electric Power Regulatory Authority (NEPRA) and to apply for a generation licence from NEPRA.
Once the tariff is determined and the generation licence issued, PPIB would then issue a letter of support, which would enable the Power Purchase Agreement and the Implementation Agreement with the Pakistani Government Authorities to be finalised. It is anticipated that this process will be concluded within three months.
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“This submission to the PPIB is a further step in the formal process to enable the construction of a power plant for an initial 660MW in Thar,” said Shahrukh Khan, the chief executive officer of Oracle.
"With the financing partners now identified and keen to progress the project in a timely fashion, the company will continue to update shareholders on progress as milestones are achieved," he added.