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RNS Number : 9008R
Oracle Power PLC
27 September 2017
 

 

 

 

27 September 2017

 

 

 

ORACLE POWER PLC

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

 

MEMORANDUM OF AGREEMENT ON PROJECT FUNDING

 

Oracle Power PLC (AIM:ORCP), the UK energy  developer of a combined lignite coal mine and mine mouth power plant located in the Thar desert in the south-eastern Sindh Province of Pakistan, today announces that it has agreed in principle a Memorandum of Understanding ("MOU") with two Chinese State-owned Enterprises for the full development and funding of its flagship Thar project.  The MOU sets out, inter alia, that the Chinese parties will take a significant majority equity holding, will arrange debt finance and will provide Engineering, Procurement and Construction (EPC) contractors for the coal mine and power plant.

 

MOU terms are being finalised and it is anticipated that the MOU will be formally signed during October 2017. The MOU, once executed, will supersede previous MOUs and shareholder framework agreements relating to the development of the mine and power projects that have been announced by the Company.

 

A further announcement, with details of the terms of the MOU, will be released once the MOU is finalised.

 

Shahrukh Khan, CEO of Oracle, said:

 

"This is a positive step-forward in taking our project through to financial close.  I thank our Chinese partners for the confidence they have shown in the project and in Pakistan and I look forward to working with them."  

 

 

For further information please contact:

 

Oracle Power PLC

Shahrukh Khan

 

+44 (0) 203 580 4314

Brandon Hill Capital Limited

Oliver Stansfield

 

+44 (0)203 463 5000

Peterhouse Corporate Finance

Charles Goodfellow

 

+44 (0)20 7220 9791

Grant Thornton UK LLP

Salmaan Khawaja, Richard Tonthat, Daniel Bush 

 

+44 (0) 207 383 5100

Blytheweigh                                                  

Tim Blythe, Camilla Horsfall, Megan Ray 

 

+44 (0) 207 138 3204

Fortbridge Consulting                                                  

Matt Beale, Bill Kemmery

+44 (0)7966 389196

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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