MOU with ACWA Power
Chariot Limited has signed a Memorandum of Understanding with ACWA Power to explore creating a southern African sustainable energy business. The partnership aims to develop, own, and operate transitional power assets across renewable energy, battery storage, and gas-to-power, selling the generated energy to national grids, corporate customers, and energy traders. Initial target countries include South Africa, Botswana, Namibia, Mozambique, Zambia, and Tanzania. ACWA Power's portfolio comprises 108 assets representing an investment value of US$114.6 billion, capable of generating 93GW of power and producing 9 million m3 of desalinated water a day. Both parties are committed to concluding binding agreements, though there is no certainty that the MoU will lead to a definitive agreement.
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Chariot (AIM: CHAR), the Africa focused energy company, announces that it has signed a Memorandum of Understanding (MoU) with ACWA Power, one of the world's largest renewable energy companies, to explore the creation of a southern African sustainable energy business.
| • | The partnership will aim to develop, own and operate transitional power assets across renewable energy, battery storage and gas-to-power, and the energy generated will be sold to national grids, corporate customers and energy traders |
| • | Initial target countries include South Africa, Botswana, Namibia, Mozambique, Zambia and Tanzania |
| • | This strategic collaboration will leverage ACWA Power's and Chariot's technical, operational, and financing expertise to unlock investment opportunities and deliver a portfolio of scalable energy projects across the region |
With the initial principles now agreed, both parties are committed to concluding binding agreements. While there is no certainty that this MoU will lead to a definitive agreement, good progress is being made toward the next stage of documentation. Chariot will provide further updates as appropriate.
Adonis Pouroulis, CEO of Chariot commented, "We are delighted to announce this MoU with ACWA, one of the leading global players in renewables. We see significant potential in combining our respective strengths to build a meaningful and impactful energy business across southern Africa. With the largest renewable footprint outside China, ACWA Power brings exceptional capability and reach across the energy spectrum, and we share a common vision to harness Africa's resources to deliver competitive, accessible and sustainable power. This partnership also represents an important step as we advance the proposed separation of the Chariot Group into two distinct entities. It could form a key part of our future power generation platform, and we look forward to developing this relationship over the longer term."
ACWA Power is a leader in energy transition, a pioneer in green hydrogen and the world's largest private water desalination company.
Headquartered in Saudi Arabia and listed on the Saudi Exchange, ACWA Power develops, invests in and operates power generation and desalinated water plants. The company's portfolio comprises 108 assets in operations, construction or advanced development across 15 countries, representing an investment value of US$114.6 billion. Its assets can generate 93GW of power and produce 9million m3 of desalinated water a day. https://www.acwapower.com/
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