REG - Chariot Limited - MOU with ACWA Power

ChariotAnnouncement

30/10/2025 12:45

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RNS Number : 5474F  Chariot Limited  30 October 2025

 

30 October 2025

Chariot Limited

 

("Chariot", the "Company")

 

Chariot and ACWA Power to Explore Creation of Southern African Sustainable
Energy Platform

 

Focused on future growth and expansion

 

Chariot (AIM: CHAR), the Africa focused energy company, announces that it has
signed a Memorandum of Understanding (MoU) with ACWA Power, one of the world's
largest renewable energy companies, to explore the creation of a southern
African sustainable energy business.

 

 •    The partnership will aim to develop, own and operate transitional power
      assets across renewable energy, battery storage and gas-to-power, and the
      energy generated will be sold to national grids, corporate customers and
      energy traders

 •    Initial target countries include South Africa, Botswana, Namibia, Mozambique,
      Zambia and Tanzania

 •    This strategic collaboration will leverage ACWA Power's and Chariot's
      technical, operational, and financing expertise to unlock investment
      opportunities and deliver a portfolio of scalable energy projects across the
      region

 

 

With the initial principles now agreed, both parties are committed to
concluding binding agreements. While there is no certainty that this MoU will
lead to a definitive agreement, good progress is being made toward the next
stage of documentation. Chariot will provide further updates as appropriate.

 

Adonis Pouroulis, CEO of Chariot commented, "We are delighted to announce this
MoU with ACWA, one of the leading global players in renewables. We see
significant potential in combining our respective strengths to build a
meaningful and impactful energy business across southern Africa. With the
largest renewable footprint outside China, ACWA Power brings exceptional
capability and reach across the energy spectrum, and we share a common vision
to harness Africa's resources to deliver competitive, accessible and
sustainable power. This partnership also represents an important step as we
advance the proposed separation of the Chariot Group into two distinct
entities. It could form a key part of our future power generation platform,
and we look forward to developing this relationship over the longer term."

 

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 ACWA

 

ACWA Power is a leader in energy transition, a pioneer in green hydrogen and
the world's largest private water desalination company.

 

Headquartered in Saudi Arabia and listed on the Saudi Exchange, ACWA Power
develops, invests in and operates power generation and desalinated water
plants. The company's portfolio comprises 108 assets in operations,
construction or advanced development across 15 countries, representing an
investment value of US$114.6 billion. Its assets can generate 93GW of power
and produce 9million m(3) of desalinated water a day.
https://www.acwapower.com/ (https://www.acwapower.com/)

 

 

About Chariot

 

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

 

Chariot's Upstream Oil and Gas pillar is focused on building out a full-value
chain upstream growth business within Africa. Chariot holds a diverse
footprint in Morocco with its offshore and onshore licences and is pursuing a
range of new ventures with a focus on oil and gas opportunities.

 

Chariot's Renewable Power business is focused on providing competitive,
sustainable and reliable energy through 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://chariotenergygroup.com)

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