Chariot Ltd (AIM:CHAR, OTC:OIGLF) has signed a Memorandum of Understanding with ACWA Power, one of the world’s largest renewable energy developers, to explore establishing a southern African sustainable energy business.
The partnership will focus on developing, owning, and operating renewable, battery storage, and gas-to-power assets, with electricity to be sold to national grids, corporates, and energy traders.
The collaboration targets South Africa, Botswana, Namibia, Mozambique, Zambia, and Tanzania, markets that are seeking to expand power capacity and improve energy reliability.
By combining Chariot’s African project delivery experience with ACWA Power’s global expertise in large-scale renewables, the two companies aim to unlock investment opportunities and deliver scalable energy infrastructure across the region.
Both sides are now working toward binding agreements. While there is no guarantee the MoU will result in a definitive deal, Chariot said “good progress” is being made.
Chief executive Adonis Pouroulis called the partnership “a meaningful and impactful opportunity,” describing ACWA as a “leading global player” with “the largest renewable footprint outside China.”
He said the collaboration fits with Chariot’s strategy to separate its operations into two distinct entities and could form a cornerstone of its future power generation platform.
The initiative reinforces Chariot’s ambition to become a key player in Africa’s energy transition, aligning with its focus on competitive, sustainable and accessible power across the continent.