REG - Chariot Limited - Chariot and Total Eren to deliver solar PV project

ChariotAnnouncement

07/12/2022 12:15

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RNS Number : 9166I  Chariot Limited  07 December 2022

 

 

 

 

 

ZIMBABWE: TOTAL EREN AND CHARIOT TO DELIVER SOLAR PV PROJECT FOR KARO MINING'S
PLATINUM MINE

 

Harare/London/Paris - December 7(th), 2022 - Total Eren, a leading renewable
energy Independent Power Producer (IPP) based in France and Chariot (AIM:
CHAR), the Africa focused transitional energy company (together the
"Partners"), are pleased to announce that, pursuant to the partnership entered
into in November 2021, Total Eren and Chariot have agreed to work together on
the development, financing, construction, and operation of a solar
photovoltaic (PV) project that will provide competitive electricity for the
Karo Platinum Project, in Zimbabwe.

 

The solar PV project is expected to have an initial installed capacity of 30
MWp with a potential extension of up to 300 MWp. Construction of the Karo
Platinum Mine has commenced, as marked today during an official ceremony in
the presence of the Minister of Mines and Mining Development, Hon. W.
Chitando.

 

Total Eren and Karo Mining Holdings ("Karo") have previously signed a
Memorandum of Understanding (MoU) as the first step towards implementation and
signing of a long-term Power Purchase Agreement (PPA) for the supply of
electricity. Karo and the Partners will now pursue the next steps of
development of the PV project.

 

Fabienne Demol, Executive Vice-President & Global Head of Business
Development of Total Eren, commented: "We are very pleased to partner again
with Chariot on a new renewable energy project dedicated to the mining sector.
Our solar project will enable the Karo Platinum Mine to be supplied in
           low carbon electricity during its operating life,
therefore reducing its carbon footprint and generating a competitive source of
electricity supply in Zimbabwe. I look forward to delivering this solar
project and wish to start even more renewable energy projects in this country
where our strategic shareholder, TotalEnergies, holds a strong footprint."

 

Benoit Garrivier, Chariot Transitional Power CEO, added: "In partnering with
Total Eren on this project, we advance towards our objective of delivering a 1
GW renewable energy pipeline and developing some of the largest sustainable
power projects in Africa. We wish Karo all the best with their construction
phase and look forward to implementing the solar plant build in due course."

 

Bernard Pryor, MD of Karo Mining Holdings, declared: "As part of our
sustainable development plan, green power was always placed at the forefront
of our energy strategy. Land designated to develop this type of power strategy
has been allocated, close to the Karo Mine but also being mindful of a broader
power strategy that we will develop with our partners and the government of
Zimbabwe, to ensure stable and lasting green energy benefitting all our
stakeholders and beyond."

 

 

 

About Karo Mining Holdings Limited

Tharisa, the platinum group metals ("PGMs") and chrome co-producer dual-listed
on the Johannesburg and London stock exchanges, is a 70% shareholder in Karo
Mining Holdings ("Karo") which in turn indirectly owns 85% of the Karo
Platinum Project ('Karo Project'), with the Government of Zimbabwe holding the
remaining 15%, on a free carry basis.

The Mining Lease area for the Karo Project covers an area of 23 903 ha and is
located within the Great Dyke in the Mashonaland West District of Zimbabwe,
approximately 80 km southwest of Harare and 35 km southeast of Chegutu.

The Karo Project has a 24-month design and construction schedule - starting 1
July 2022, with the first ore in the mill (FOIM) planned for July 2024. The
cost to FOIM is set at US$391 million.

Adonis Pouroulis, CEO of Chariot, beneficially owns directly or indirectly
58.88 per cent of the total voting rights in Karo Mining Holdings Limited.

 

 

About Total Eren

 

Founded in 2012 by Pâris Mouratoglou and David Corchia, Total Eren develops,
finances, builds and operates renewable energy power plants (solar, wind,
hydro) representing a gross capacity of more than 3,700 MW in operation or
under construction worldwide. Through partnerships with local developers,
       Total Eren is currently developing numerous energy projects in
countries and regions where renewable energy represents an economically viable
response to growing energy demand such as in Europe, in Central and South
Asia, in Asia Pacific, in Latin America and in Africa. Since December 2017,
TotalEnergies, the major energy company, has been participating as a
shareholder of Total Eren.

 

Visit us at www.total-eren.com (http://www.total-eren.com) .

 

About Chariot

 

Chariot is an Africa focused transitional energy group with three business
streams, Transitional Gas and Transitional Power and Green Hydrogen. Chariot
Transitional Gas is a high value, low risk gas development project offshore
Morocco with strong ESG credentials in a fast-growing emerging economy with a
clear route to early monetisation, delivery of free cashflow and material
exploration upside. Chariot Transitional Power is looking to transform the
energy market in Southern Africa, providing a giant largely untapped market
with cleaner, sustainable, and more reliable power. Chariot Green Hydrogen is
partnering with Total Eren and the Government of Mauritania on the potential
development of a 10 GW green hydrogen project, Project Nour. Further
large-scale green hydrogen opportunities are also being evaluated.

 

The ordinary shares of Chariot Limited are admitted to trading on the AIM
under the symbol 'CHAR'.

 

 

 

 

 

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018.

 

 

For more information, please contact :

 

 Total Eren

 Solange Petit de Bantel, Communication and PR Manager                                            +33 6 18 23 76 99

 solange.debantel@total-eren.com (mailto:solange.debantel@total-eren.com)

                                                                                                +33 1 53 96 83 83
 Laetitia Quignon, Sarah Levy-Quentin (Brunswick

 Group)

 eren@brunswickgroup.com (mailto:eren@brunswickgroup.com)

                                                                                                  +44 (0)20 7318 0450

 Chariot Limited

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cenkos Securities Plc (Nomad and Joint Broker)                                                    +44 (0)20 7397 8900

 Derrick Lee, Adam Rae

 Stifel Nicolaus Europe Limited (Joint Broker)                                                    +44 (0) 20 7710 7760

 Callum Stewart, Ashton Clanfield

 Celicourt Communications (Financial PR)                                                          +44 (0)20 8434 2754

 Mark Antelme, Jimmy Lea

 

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