Oracle Power launches environmental assessment for Pakistan project

19th Feb 2024 15:40

(Sharecast News) - Oracle Power and its joint venture company Oracle Energy announced the start of an environmental and social impact assessment (ESIA) for their renewable power plant project in Jhimpir, Sindh Province, Pakistan on Monday.

The AIM-traded firm said the project, aimed at developing green energy solutions, had appointed inspection and certification company SGS Pakistan to conduct the ESIA Study.

It said the ESIA would evaluate the environmental and social impacts of a 1.3GW renewable power project, comprising an 800 MW solar project, a 500 MW wind project, and a 450 MWh battery energy storage system.

The study would adhere to environmental regulations set by the Sindh Environmental Protection Agency and international guidelines provided by entities such as the International Finance Corporation and the Asian Development Bank.

Oracle said the methodology of the ESIA would involve collecting primary and secondary environmental data to predict and evaluate impacts, with a focus on renewable power aspects initially, followed by chemical and transmission components.

SGS would conduct a comprehensive wildlife survey on the project site to assess environmental sensitivities.

The ESIA report would encompass a review of national environmental legislations and international guidelines.

Public consultation and engagement with stakeholders, assessment of impacts on land, infrastructure, settlements, and wildlife would be conducted.

Additionally, an environmental management plan and performance monitoring plan for both construction and operational phases will be prepared.

The final ESIA report would be presented to the Sindh Environmental Protection Agency, and a non-objection certificate will be sought from the Pakistan Environmental Protection Agency (EPA) in due course.

"The commencement of the ESIA study, in order to obtain clearance from the national environmental agency and endorsement from international stakeholders, marks a very important milestone in the development pathway of our green energy project," said chief executive officer Naheed Memon.

"It also demonstrates our commitment to swift project development as we continue to align and engage with prospective lenders and investors.

"As a company, we are committed to adhering to the highest environmental and social standards as we advance the development of our green energy project."

At 1456 GMT, shares in Oracle Power were flat at 0.03p.

Reporting by Josh White for Sharecast.com.