Oracle Power sets up new £200,000 loan facility

Environmental and Social Impact Assessments for the project are also being updated

Oracle Power PLC - Oracle Power sets up new £200,000 loan facility

Oracle Power PLC (LON:ORCP) has set up a new working capital facility for £200,000 with major shareholder Brandon Hill. 

Plans for its power station in Thar were re-jigged recently, with the station to be developed in a single phase 8mln tonnes per year 2x660 MW unit.

An application has been submitted to the Private Power Infrastructure Board on this basis.

The required feasibility work relating to this refinement is being assessed to determine the optimal revised mining plan and the most suitable configuration of the mine and power plant to minimise the costs of the development. 

Environmental and Social Impact Assessments for the project are also being updated.

Results for the six months to June 2019 show £483,000(2018: £459,000).

Since the period end, Oracle has raised £500,000 through an equity placing in addition to today’s loan facility.

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