Chariot Ltd (AIM:CHAR, OTC:OIGLF) said South African renewable electricity trader Etana Energy has secured a further 150MW of sole offtake from the Orkney 219MW solar PV project, as the development reached financial close.
Orkney, in South Africa’s North-West province, is being built by Mulilo and financed by Mulilo plus a consortium of South African financial institutions. Once operational, the project is expected to export 150MW and generate around 478GWh a year, with power wheeled through national and municipal distribution networks to Etana’s customers.
Chief executive Benoit Garrivier said the deal showed Etana “executing its plans at pace”, after closing projects expected to generate more than 500MW over the past 12 months. Chariot operates in Africa across upstream oil and gas and renewable power.
The AIM-quoted group holds its exposure via Chariot Generation and Trading, which has a 34% economic interest in Etana alongside H1 Holdings, Norfund and Standard Bank. Chariot Generation and Trading is co-owned by Chariot and the Mahlako Energy Fund.