The project will be built in Sindh Province, south of Padang, on Oracle Power's Thar Block 6 land. Oracle Power is currently developing a coal mine there.The solar PV plant will be located on Oracle Power's Thar site. The agreement includes a feasibility study to be carried out by the two companies, and Oracle Power did not disclose a date for the commercial operation of the solar project. Power generated by the plant will be fed into the national grid or sold through a power purchase agreement. Oracle Power, which has been very active in Pakistan recently, also signed a memorandum of understanding with PowerChina to develop, finance, construct, operate, and maintain a green hydrogen project in Sindh province.In addition to green hydrogen project construction, the memorandum of understanding also includes the development of a hybrid project with 700MW of solar photovoltaic power generation, 500MW of wind power generation, and an undisclosed capacity of battery energy storage.The 1GW solar photovoltaic project in cooperation with PowerChina will be located 250 kilometers away from the green hydrogen project that Oracle Power intends to build in Pakistan.Naheed Memon, CEO of Oracle Power, said: "The proposed Thar solar project presents an opportunity for Oracle Power not only to develop a sizable renewable energy project in Pakistan but also to bring Long-term, sustainable business."
The partnership between Oracle Power and Power China is based on mutual interests and strengths. Oracle Power is a UK-based renewable energy developer focused on Pakistan's mining and power industries. The firm has extensive knowledge of Pakistan's regulatory environment and infrastructure, as well as extensive experience in project management and stakeholder engagement. PowerChina, on the other hand, is a Chinese state-owned company known for large-scale infrastructure development. The company has experience in designing, constructing and operating renewable energy projects in many countries including Pakistan.
The agreement signed between Oracle Power and Power China sets out a clear plan for the development of 1GW of solar photovoltaic projects. The first phase of the project involves the design and engineering of the solar farm and the construction of transmission lines to the national grid. This phase is expected to take 18 months to complete. The second phase involved the installation of the solar panels and commissioning of the project. This phase is expected to take another 12 months. Once complete, the 1GW solar PV project will be one of the largest solar farms in Pakistan and contribute significantly to the country's renewable energy capacity.
The partnership agreement signed between Oracle Power and Power China is an example of how private companies can contribute to the development of renewable energy in Pakistan. Not only will the project help diversify Pakistan's energy mix, it will also create jobs and support economic growth in the region. The successful implementation of the project will also prove that renewable energy projects in Pakistan are feasible and financially sustainable.
All in all, the partnership between Oracle Power and Power China is an important milestone in Pakistan's transition to renewable energy. The 1GW solar PV project is an example of how the private sector is coming together to support sustainable and clean energy development. The project is expected to create jobs, support economic growth, and contribute to Pakistan's energy security. With more and more private companies investing in renewable energy, Pakistan can meet its target of generating 30% of its electricity from renewable sources by 2030.
Post time: May-12-2023