Chariot to deliver solar project in South Africa

RNS Number : 6725A

Chariot Limited

04 February 2022

 

RENEWABLE ENERGY FOR MINES: TOTAL EREN AND CHARIOT TO DELIVER SOLAR PV PROJECT FOR THARISA'S MINE IN SOUTH AFRICA

Johannesburg/London/Paris - February 4^th, 2022   -   Total Eren, a leading renewable energy Independent Power Producer (IPP) based in France and Chariot (AIM: CHAR), the African focused transitional energy company, are pleased to announce the signing of a Memorandum of Understanding ("MoU") with Tharisa plc, the platinum group metals and chrome producer, listed on the Johannesburg and London stock exchanges, to develop, finance, construct, own, operate and maintain a solar photovoltaic (PV) project for the supply of electricity to the Tharisa mine, in the North West Province, South Africa.

The solar PV project is initially anticipated to be 40 MWp with demand expected to increase over the life of the Tharisa Mine. This MoU is the first step towards implementation of the Project and signing of a long-term Power Purchase Agreement (PPA) for the supply of electricity on a take-or-pay basis.

Fabienne Demol, Executive Vice-President & Global Head of Business Development of Total Eren, commented: "We are very pleased to be entering into this MoU with Tharisa. Through our partnership with Chariot, we are keen to assist mining companies in Africa to reduce their carbon intensity and energy costs, via implementing renewable power solutions into their operations. We are eager to bring our global expertise in solar generation to Tharisa mine and we look forward to delivering further renewable projects for our mining customers in Africa and worldwide."

Benoit Garrivier, Chariot Transitional Power CEO, commented:   "This is a great outcome for Chariot's Transitional Power division and demonstrates the financial and sustainable benefits that our offering can bring to mining companies operating in Africa. The Tharisa team are very forward looking and understand that the addition of a solar PV project at their mine in South Africa will bring significant benefits to the business. Together with Total Eren, we are excited to start working on the financing and development of the project and we will update the market further on this and other opportunities that we are progressing in due course."

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Disclosure relating to Chariot

Adonis Pouroulis, Acting CEO of Chariot, beneficially owns 39.86 per cent. of the total voting rights in Tharisa. Accordingly, Tharisa is considered to be a related party of Chariot for the purposes of the AIM Rules for Companies (the "AIM Rules"). The entry into the MoU by Chariot is therefore a related party transaction under Rule 13 of the AIM Rules. The independent directors of Chariot (being all those save for Adonis Pouroulis) consider, having consulted with finnCap Ltd, Chariot's nominated adviser, that the terms of the MoU are fair and reasonable insofar as Chariot's shareholders are concerned.

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.

NOTES FOR EDITORS:

About Tharisa

Tharisa is an integrated resource group critical to the energy transition and decarbonisation of economies. It incorporates mining, processing, exploration, and the beneficiation, marketing, sales, and logistics of PGMs and chrome concentrates, using innovation and technology as enablers. Its principal asset is the Tharisa Mine located in the south-western limb of the Bushveld Complex, South Africa. The mechanised mine has a 20-year open-pit life and the ability to extend operations underground by at least an additional 40 years. Tharisa also owns Salene Chrome, a development stage, low-cost, open-pit asset, located adjacent to the Great Dyke in Zimbabwe.  The Company is committed to reduce its carbon emissions by 30% by 2030 and the development of a roadmap is continuing to be net carbon neutral by 2050. Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA) and the Main Board of the London Stock Exchange (LSE: THS).

About Total Eren

Founded in 2012 by Pâris Mouratoglou and David Corchia, Total Eren develops, finances, builds and operates renewable energy power plants (solar, wind, hydro) representing a gross capacity of more than 3,500 MW in operation or under construction worldwide. Through partnerships with local developers,  Total Eren is currently developing numerous energy projects in countries and regions where renewable energy represents an economically viable response to growing energy demand such as in Europe, in Central and South Asia, in Asia Pacific, in Latin America and in Africa. The objective is to achieve a global gross installed capacity of more than 5 GW by 2022. Since December 2017, TotalEnergies, the major energy company, has been participating as a shareholder of Total Eren.

For more information, please visit www.total-eren.com

About Chariot

Chariot is an African focused transitional energy group with two business streams, Transitional Gas and Power.

Chariot Transitional Gas is a high value, low risk gas development project 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, looking to transform the energy market for mining operations in Africa, providing a giant largely untapped market with cleaner, sustainable, and more reliable power. Additionally in September 2021, Chariot announced its partnership with the Government of Mauritania for the potential development of a large-scale green hydrogen project.

The ordinary shares of Chariot Limited are admitted to trading on the AIM under the symbol 'CHAR'. 

For further information please contact:

Total Eren

Solange Petit de Bantel, Communication and PR Manager  [phone]

[e-mail]  

Salah Ben Hamoudi, Lambert Volpi (Brunswick Group)    [phone]

[e-mail]   

Chariot Limited Adonis Pouroulis, Acting CEO Julian Maurice-Williams, CFO	[phone]
finnCap (Nominated Adviser and Joint Broker) Christopher Raggett, Simon Hicks, Edward Whiley	[phone]
Peel Hunt (Joint Broker) Richard Crichton, David McKeown	[phone]
Celicourt Communications (Financial PR)  Mark Antelme, Jimmy Lea	[phone]

 

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