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Oracle Power gets approval for larger power station at Thar in Pakistan

The Thar power station project was re-affirmed as a priority for the Pakistani government.

coal
Thar will be a coal-fired power station

Oracle Power PLC (LON:ORCP) shares jumped by a fifth as its Thar power station project was re-affirmed as a priority for the Pakistani government.

Approval to increase the capacity of Oracle’s proposed coal-fired power station to 700Mw from 600Mw was also granted along with the use of supercritical technology.

Oracle added it is working with its Chinese partners to achieve financial close as soon as is feasible.  

The principal outstanding areas now include an Engineering, Procurement and Construction (EPC) contract and Operation and Maintenance contract (O&M) contracts.

For the power plant, a Letter of Intent by the Private Power Infrastructure Board to secure a generation licence is needed.

The partners also have to agree Oracle's equity interest in the project; financing with Sinosure, the Chinese export credit agency, and to finalise a Power Purchase Agreement with a sovereign guarantee of payment.

Shares rose by 22% to 0.55p.

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