Oracle Power has entered into a memorandum of understanding with China Electric Power and Technology (CET) to potentially develop, finance, construct, operate and maintain a green hydrogen project in Pakistan.
The project, to be located in Thatta, in the Sindh Province, will include a hybrid renewables and storage facility, combining 700MW of solar and 500MW of wind power, plus battery storage.
CET is a wholly owned subsidiary of State Grid Corporation 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.
The planned facility, when fully commissioned, would produce an estimated 150,000 kg of hydrogen per day and would be one of the largest such projects in Asia.
Feasibility work on the potential production of green hydrogen and green ammonia commenced in late 2022 with Thyssenkrupp, a German engineering company, with initial results due in the second quarter of 2023.
The MoU follows the successful acquisition by Oracle Energy of state land by way of a long lease for 30-years with the Government of Sindh, for a land package of approximately 28.3 sq km.
Commenting on the MoU with CET, Sheikh Ahmed Dalmook Al Maktoum, who owns 70% of Oracle Energy, said: “Having acquired the required land to build the project late in 2022, and having made significant progress in planning the construction of the Green Hydrogen Production facility with Thyssenkrupp, Oracle Energy is looking to fast-track the development of the project by partnering with one of the world’s leading companies, which has both financing capability, as well as significant experience of constructing large power projects globally.
“We look forward to working closely with CET and our other world class partners in maintaining this extraordinary momentum as we fulfil our stated strategy of being primarily focused on green energy development.”