Oracle Power Renews Strategic MoU for Green Hydrogen Project
Why we think this is neutral
The RNS announcement provides an update on the renewal of a strategic MoU for Oracle Power's green hydrogen project, but does not contain any of the mandatory news types such as contract news, trading update, or financial results. As such, the sentiment is considered neutral.
Key Points
- Oracle Power has renewed its strategic MoU with CET, a subsidiary of State Grid Corporation of China, to develop its Green Hydrogen Project in Pakistan
- The MoU has been extended for an additional two years to 1 March 2027
- CET has a mandate to finance, build, operate and maintain large renewable power generation projects
Summary
Oracle Power PLC has renewed its strategic Memorandum of Understanding (MoU) with China Electric Power and Technology Co., Ltd (CET), a subsidiary of State Grid Corporation of China, to potentially develop, finance, construct, operate and maintain Oracle Energy's Green Hydrogen Project in Thatta, Sindh Province, Pakistan. The MoU has been extended for an additional two years to 1 March 2027. CET has a mandate to finance, build, operate and maintain large renewable power generation projects.