REG - Chariot Limited - Financial Close on Two Wind Generation Projects

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RNS Number : 4635L  Chariot Limited  15 December 2025

 

15 December 2025

Chariot Limited

("Chariot", the "Company")

 

Financial Close Reached on Two Large Wind Generation Projects in South Africa

Chariot holds material equity stakes and Etana Energy secures 190MW of power

Chariot Limited (AIM: CHAR), the Africa focused energy group, is pleased to
announce its involvement in two large wind generation projects, the Zen
(100MW) and Bergriver (94MW) wind farms ("the Projects") in South Africa,
which have a combined export capacity of 190MW and have now reached financial
close. These Projects are co-owned by Acciona Energia, the largest pure play
renewable energy company in the world and lead sponsor which holds 51%, H1
Holdings (Pty) Limited ("H1") with 25%, and 24% held by Chariot Generation and
Trading Pty Limited ("Chariot Generation and Trading"), Chariot's newly
incorporated business together with its strategic equity partner, Mahlako A
Phahla Financial Services.

Etana Energy (Pty) Limited ("Etana"), the South African electricity trading
platform in which Chariot Generation and Trading holds an economic interest of
34% alongside H1, Norfund and Standard Bank, has also signed a 20-year Power
Purchase Agreement ("PPA") for the entire supply of electricity generated from
these Projects.

·     The Zen and Bergriver wind farms are located in South Africa's
Western Cape and construction is expected to commence imminently with
commissioning scheduled for mid-2027

 

·      Once operational, these Projects will displace around 600,000
tonnes of CO₂ emissions annually

 

·      As announced separately today, Chariot has fully financed its
share in these Projects through funding arranged at the subsidiary level

 

·      These are Etana's first wind projects to reach financial close,
bringing its generation portfolio to four renewable energy projects, the power
from which will be transmitted across South Africa's national grid and sold to
a range of commercial and industrial customers

Adonis Pouroulis, CEO of Chariot, commented:

"Reaching financial close on these Zen and Bergriver assets is a key
development milestone and we are very pleased to be working alongside Acciona
Energía and H1 as we play a part in building essential infrastructure,
contributing to diversifying the energy mix and delivering clean, reliable
power across South African industries.

Closing this transaction is also a key milestone for Chariot as we have
effectively created two material future revenue streams; through our stakes in
these wind generation assets which will sell power and through revenues from
the trading of this energy through Etana.

Renewable power generation and trading have significant potential and growing
our exposure to both is a core part of our strategy going forward. Zen and
Bergriver add significant scale to Etana, which is making great strides in
becoming one of South Africa's leading energy aggregators, and we have further
large projects in the development pipeline. I would like to thank the teams
that worked so hard across all workstreams that have been required to execute
these transactions."

About Acciona Energía:

Acciona Energía is the largest 100% renewable energy company in the world
with no fossil legacy. It has 15.1GW of renewable energy and presence in 24
countries. With 30 years of experience, Acciona Energía offers a complete
portfolio of tailor-made energy solutions for its corporate and institutional
clients to meet their decarbonization goals. Acciona Energía is committed to
the highest environmental, social and corporate governance (ESG) standards.
Acciona S.A., a leading global company in the provision of regenerative
solutions for a decarbonized economy, is the majority shareholder of Acciona
Energía. www.acciona-energia.com
(https://protect.checkpoint.com/v2/r02/___https:/www.acciona-energia.com/?_adin=02021864894___.YXAxZTpldGFuYWVuZXJneTpjOm86YWE4ZmQzNDA3Y2I4ZDUwYmE0N2ZhNGMxYjI1ZGNlMjU6NzphOTljOjBhN2QzNmE2MWI4MzY3NzlmZTFkZWE5NjExZTU0YzJhNzhjODAyYWQwZTRhYWNjODdjM2VmNTAzODRlZTYyZGM6cDpUOkY)

 

About Etana:

Etana Energy is a licensed energy trader actively supplying renewable
electricity through the national and municipal electricity grids to businesses
across South Africa. A majority black-owned company, Etana provides businesses
with flexible, renewable energy solutions that are clean and simple - enabling
deep decarbonisation, forward price path certainty and significant cost
savings. Etana has one hydroelectric project in operation, nearly 300MW of
wind and solar in construction, and a 500MW+ pipeline of shovel-ready
grid-connectable renewable energy projects, underpinned by secured payment
guarantee facilities. With this, Etana is fulfilling its mission of
accelerating the deployment of new clean energy generation capacity to the
South African grid. For more information, visit https://www.etana.energy
(https://www.etana.energy/)

Etana is owned by Chariot Generation and Trading (34% economic interest), H1
(36%), Norfund (20%) and Standard Bank (10%).

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)20 7397 8900

 Derrick Lee

 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, Charles Denley-Myerson, Kathleen Beams

 

Notes

 

About Chariot

 

Chariot is an Africa focused energy group with two core business streams:
Upstream Oil and Gas and Renewable Power.

 

Chariot's Renewable Power business is focused on providing competitive,
sustainable and reliable energy through building, generating and trading
renewable power in South Africa as well as progressing the development of its
power-to-mining projects on the continent. Chariot is also continuing to
advance its green hydrogen asset, Project Nour in Mauritania.

 

The ordinary shares of Chariot Limited are admitted to trading on AIM under
the symbol 'CHAR'. https://chariotenergygroup.com
(https://protect.checkpoint.com/v2/r02/___https:/chariotenergygroup.com___.YXAxZTpldGFuYWVuZXJneTpjOm86YWE4ZmQzNDA3Y2I4ZDUwYmE0N2ZhNGMxYjI1ZGNlMjU6NzpjYTY2OjIwYWVjZDZiZWI3M2M4MzRlNDYzZjRlODQ5MmU2Mzc2ZTQxNzEzNTkwZjI4ZjQ0ZDdhZmJiNDE4NjI3YjM4NTE6cDpUOkY)

 

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