Oracle Power PLC has confirmed that the strategic Memorandum of Understanding (MoU) with China Electric Power and Technology Co., Ltd (CET) for Oracle Energy's green hydrogen project in Thatta, Sindh Province, Pakistan, has been renewed for an additional two years to 1 March 2027.
The previous MoU, which was announced in March 2023, was set to expire on 2 March 2025.
CET is a wholly-owned subsidiary of State Grid Corp. of China. The MoU with CET, which has a mandate to finance, build, operate, and maintain large renewable power generation projects within and outside of China, is focused on accelerating the development of Oracle Energy's green hydrogen project, which includes the construction of a hybrid renewable energy production and storage facility, combining 800 MW of solar and 500 MW of wind power, and battery storage.
The planned green hydrogen production facility, when fully commissioned, would produce an estimated 150 000 kg/d of hydrogen (55 000 tpy), and would be one of the largest such projects in Asia.
Naheed Memon, CEO of Oracle, commented: “Oracle Energy's vision of developing one of the largest green hydrogen production facilities globally has progressed significantly towards being realised through partnering with CET. We are grateful to this State Grid subsidiary for its continued support. CET has so far partnered with Oracle Energy to complete the comprehensive technical and financial renewable power production and the crucial interconnection transmission grid studies. The extension of this important partnership is testament to CET’s commitment to the development of the project going forward. Oracle Energy is looking to secure off-take arrangements and aims to complete financial arrangements in the near term.”