Industry News – Chariot Energy

Chariot Energy’s Etana Secures $100M Finance Facility to Advance Renewable Energy in South Africa

Accra, Ghana – January 2025

Africa Oil Week (AOWEnergy) celebrates the groundbreaking progress of Chariot Energy (CHAR LN) in advancing Africa’s energy mix. With its innovative approach, Chariot is shaping a sustainable future while addressing Africa’s critical energy needs. The company’s 49%-owned subsidiary, Etana Energy, has announced a major milestone with the receipt of a $100 million guarantee finance facility from British International Investment (BII) and GuarantCo.

Unlocking $500 Million in Renewable Energy Development The $100 million guarantee, provided equally by BII and GuarantCo, is a transformational initiative designed to de-risk renewable energy projects by guaranteeing customer demand. This financial backing has the potential to unlock an estimated $500 million in new renewable energy developments, translating to approximately 500 MW of wind and solar generation capacity.

Etana’s innovative business model leverages recent regulatory changes in South Africa, enabling it to purchase renewable energy from private generators and deliver this electricity to commercial customers via the country’s transmission network. This framework provides Independent Power Producers (IPPs) with the revenue certainty required to commence construction of renewable energy projects, aligning with South Africa’s Just Energy Transition Plan (JETP) under the International Partner Group’s decarbonization commitments.

Driving the Energy Transition and Enhancing Value Chariot’s focus on transitional power solutions, including its green hydrogen portfolio, underscores its commitment to Africa’s sustainable energy future. While the financing facility at Etana is a critical step in the ongoing bankability of its renewable energy platform, Chariot’s proposed Anchois gas project offshore Morocco remains a key near-term driver of value for investors. This project, pivotal to Africa’s natural gas development, aligns seamlessly with the company’s strategy of integrating natural gas as a cornerstone of the continent’s low-carbon energy mix.

AOWEnergy’s Commitment to Innovation in Energy As a platform committed to fostering partnerships, driving deals, and accelerating upstream development, AOWEnergy is inspired by Chariot’s leadership in transitional energy. The company’s progress demonstrates the power of innovative financial models and strategic partnerships to unlock Africa’s immense renewable and natural gas potential.

AOWEnergy looks forward to continuing to champion companies like Chariot that exemplify resilience, innovation, and commitment to a sustainable energy future. Join us at AOWEnergy 2025 to engage with leaders shaping the energy transition and advancing Africa’s energy landscape.

For more information on AOWEnergy visit: www.aowenergy.com