Etana Energy Secures 150MW in Solar Power Offtake
Chariot Limited announced that its subsidiary, Chariot Generation and Trading, which holds a 34% economic interest in Etana Energy, has secured a further 150MW AC in sole offtake for the Orkney 219MW DC solar photovoltaic project, which has now reached financial close. This project, located in South Africa's North-West province, is expected to produce approximately 478 GWh of renewable electricity annually, which will be supplied to Etana's customers. This marks the second project completed through the Etana and Mulilo partnership, following the 75MW AC Du Plessis Dam Solar PV2 project.
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Chariot (AIM: CHAR), the Africa focused energy company, is pleased to report that Etana Energy (Pty) Limited ("Etana"), the South African electricity trading platform in which Chariot's subsidiary, Chariot Generation and Trading (Pty) Limited ("Chariot Generation and Trading") holds an economic interest of 34%, alongside H1 Holdings, Norfund and Standard Bank, has signed up a further 150MWAC in sole offtake from the Orkney 219MWDC solar photovoltaic project which has now reached financial close. Chariot Generation and Trading is co-owned by Chariot and the Mahlako Energy Fund.
The Orkney project, located in the North-West province of South Africa, is being built by Mulilo a leading renewable energy developer and independent power producer and will be financed by Mulilo and a consortium of South African financial institutions. Once operational, Orkney will have an export capacity of 150MWAC and is expected to produce around 478GWh of renewable electricity annually, which will be wheeled to Etana's customers via South Africa's national and municipal distribution network. This is the second project that has been completed through the Etana and Mulilo partnership, the first being the 75MWAC Du Plessis Dam Solar PV2 project that commenced construction last year.
Benoit Garrivier, CEO of Chariot's Renewable Power division, commented:
"This is a further example of Etana delivering on its strategy and underlines how its business model is addressing both the supply and demand for renewable energy by enabling and instigating the build of these projects. Etana is executing its plans at pace, closing projects expected to generate in excess of 500MW in the last 12 months, and is, in turn, serving to help redefine and enhance South Africa's long term energy infrastructure."
About Etana Energy
Etana Energy is a licensed energy trader actively supplying renewable electricity through the national and municipal electricity grids to businesses across South Africa. A majority black-owned company, Etana provides businesses with flexible, renewable energy solutions that are clean and simple - enabling deep decarbonisation, forward price path certainty and significant cost savings. Etana has one hydroelectric project in operation, over 400MW of wind and solar in construction, and a 500MW+ pipeline of shovel-ready grid-connectable renewable energy projects, underpinned by secured payment guarantee facilities. With this, Etana is fulfilling its mission of accelerating the deployment of new clean energy generation capacity to the South African grid. For more information, visit https://etana.energy/.
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