REG - Chariot Limited - Etana Energy secures 75MW of Solar Power

ChariotAnnouncement

18/03/2025 07:15

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RNS Number : 0190B  Chariot Limited  18 March 2025

18 March 2025

 

Chariot Limited

("Chariot", the "Company")

 

Etana Energy secures 75MW of Solar Power

 

Financial Close reached on first solar generation offtake project in South
Africa

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group is
pleased to announce that Etana Energy (Pty) Limited ("Etana"), the South
African electricity trading platform has signed a 20-year Power Purchase
Agreement for the entire supply from the 75MW (105MWDC installed capacity) Du
Plessis Dam PV2 solar project. This project has now reached financial close
and will be constructed by Mulilo, a leading renewable energy developer and
independent power producer in South Africa. Etana, owned by Chariot (49%) and
H1 Holdings (Pty) Limited (51%) is focused on providing competitive,
sustainable end-to-end energy solutions through the connecting of power
generation projects to commercial and industrial users by wheeling electricity
across South Africa's national grid.

 

·      Du Plessis Dam PV2 is the first solar generation project to reach
financial close as part of Etana's larger renewable power offtake portfolio

 

·      Construction of this project, which is located in South Africa's
Northern Cape, will commence in Q2 2025

 

·      Guarantee finance of US$155m, as separately announced, has
underpinned Etana's bankability and enabled this transaction

 

Adonis Pouroulis, CEO of Chariot, commented:

 

"Construction starting on the Du Plessis 75MW solar project marks a key
milestone for Etana, our joint venture energy trading business, which will
start generating meaningful revenues once this project is in production. This
is the first solar generation project within Etana's initial offtake portfolio
with others progressing to financial close. There has been oversubscribed
demand from industrial and commercial customers looking for long term,
sustainable supply and we believe we have a very scalable business that is at
the forefront of helping to resolve the energy situation in South Africa. I
would like to thank all the partners and stakeholders involved in this
transaction and we look forward to providing further updates on Etana's growth
and expansion, and also to updating shareholders on Chariot's participation in
other projects."

About Mulilo

Mulilo is a leading South African renewable energy developer and independent
power producer, specializing in wind, solar, and battery storage projects.
With a development pipeline exceeding 40GW, Mulilo is dedicated to driving
South Africa's transition to a cleaner and more sustainable energy future. For
more information, visit www.mulilo.com (http://www.mulilo.com)

About Etana Energy

 

Etana Energy is a majority black-owned licenced electricity trader that
supplies electricity generated by renewable energy projects to businesses in
South Africa, using the national electricity grid. Etana's customers benefit
from certified low-carbon electricity at tariffs competitive with Eskom or
municipal supply, forward price certainty, flexible contracting terms and
qualifying B-BEEE expenditure. For more information, visit: www.etana.energy
(http://www.etana.energy)

 

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.

 

 

Enquiries

 

 Chariot Limited                                              +44 (0)20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cavendish Capital Markets Limited (Nomad and Joint Broker)   +44 (0)131 220 9778

 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 7770 6424

 Mark Antelme, Jimmy Lea

 

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an Africa focused transitional energy group with three business
streams, Transitional Gas, Transitional Power and Green Hydrogen.

 

Chariot Transitional Gas is focused on high value, low risk gas development
projects in Morocco, a fast-growing emerging economy, with a clear route to
early monetisation, delivery of free cashflow and material exploration upside.

 

Chariot Transitional Power is focused on providing competitive, sustainable
and reliable energy and water solutions across the continent through building,
generating and trading renewable power.

 

Chariot Green Hydrogen is partnering with TEH2 (80% owned by TotalEnergies,
20% by the EREN Group) and the Government of Mauritania on the potential
development of a 10GW green hydrogen project, Project Nour in Mauritania, and
are progressing pilot projects in Morocco.

 

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

 

https://chariotenergygroup.com (https://chariotenergygroup.com)

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