Chariot Limited Electricity Trading Joint Venture in South Africa (9822G)
November 21 2022 - 2:00AM
UK Regulatory
TIDMCHAR
RNS Number : 9822G
Chariot Limited
21 November 2022
21 November 2022
Chariot Limited
("Chariot" or the "Company")
Electricity Trading Joint Venture in South Africa
Unlocks potential future participation in significant renewable
projects in large deregulating energy market
Chariot Limited (AIM: CHAR), the Africa focused transitional
energy company, is pleased to announce it has formed a new joint
venture through a 25% interest in a new South African electricity
trading company, Etana Energy (Pty) Limited ("Etana") which has
been granted an electricity trading licence by the National Energy
Regulator of South Africa ("NERSA").
-- South Africa is the largest electricity market on the
continent but has regular power outages due to insufficient supply.
To combat this energy crisis rapid market deregulation is currently
taking place, which includes selectively issuing electricity
trading licences and facilitating the build of energy projects of
up to 100 MW generation capacity.
-- Etana's objective is to deliver unique renewable energy mix
solutions at competitive prices to help address the significant
power requirements across South Africa with t he licence opening up
access to a range of high-volume off-takers including municipal,
industrial and retail customers.
-- This trading licence gives the right to buy and sell
electricity on the national transmission grid and within some
selected municipal areas.
-- Electricity trading could bring an additional revenue stream
into Chariot and could enable Chariot's future participation in
large renewable projects in Southern Africa.
Etana is owned indirectly by Chariot (25%), the Neura Group
("Neura") (49%), H1 Holdings (21%) and Meadows Energy (5%) (all
together, the "Partners"). The Partners have extensive relevant
experience in the electricity market in South Africa. Chariot, H1
Holdings and Meadows Energy have a proven track record in
developing and investing in large renewable projects in Africa,
whilst Neura has developed a unique hardware and software based
technology specifically designed for the trading in the South
African environment. In addition to this Etana is the first
empowered trading company in South Africa.
Benoit Garrivier, Chariot Transitional Power CEO commented:
" As one of the largest energy markets in Africa opens up, our
trading platform will provide the opportunity to enhance and
revolutionise the energy mix across South Africa by supplying
greener power for commercial and industrial requirements. In
forming this joint venture we see a great opportunity to expand our
footprint of renewable projects in the country whilst also
developing another revenue stream as the private electricity market
in South Africa grows. We look forward to working alongside our
partners to progress the next steps of growth across this platform
and delivering much needed power across the national grid."
Enquiries
Chariot Limited
Adonis Pouroulis, CEO +44 (0)20 7318
Julian Maurice-Williams, CFO 0450
+44 (0)20 7397
8900
Cenkos Securities Plc (Nomad and Joint Broker)
Derrick Lee, Adam Rae (Corporate Finance)
Peel Hunt LLP (Joint Broker) +44 (0) 20 7894
Richard Crichton, David McKeown 7000
Celicourt Communications (Financial PR) +44 (0)20 8434
Mark Antelme, Jimmy Lea 2754
NOTES FOR EDITORS:
About Chariot
Chariot is an African focussed 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 10GW
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'.
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