Etana Energy has signed a ten-year power purchase agreement to supply 220 megawatts of renewable electricity annually to Sibanye-Stillwater’s mining operations in South Africa, marking a significant step forward for the Chariot Ltd (AIM:CHAR, OTC:OIGLF) backed energy trader.
Chariot, the Africa-focused energy company listed on AIM, holds a 34% interest in Etana Energy through its subsidiary, Chariot Generation and Trading.
Other stakeholders include black-owned investment group H1 Holdings, Norwegian development finance institution Norfund and South Africa’s Standard Bank.
Etana will deliver the power by wheeling electricity from its solar and wind portfolio across South Africa’s national grid. Supply is scheduled to begin in late 2027.
The agreement is designed to integrate into Sibanye-Stillwater’s current and future power needs, cutting electricity costs and reducing carbon emissions at one of the country’s largest gold and platinum group metals producers.
Benoit Garrivier, chief executive of Chariot’s renewable power division, said, “This is another material offtake agreement signed with a major industrial customer which continues to underline the scale of the market that Etana can address.”
He added that Etana is “fast becoming one of the largest providers of renewable energy in South Africa.”