EIB, FirstRand Bank to provide EUR 400m for green projects in S Africa
Sep 13, 2024 10:36 CESTUK-based and Africa-focused energy group Chariot Ltd (LON:CHAR) said today it has decided to explore options for its Transitional Power division, which specialises in renewable energy generation projects and electricity trading in South Africa, including a partial or an outright sale, a demerger, or keeping the business.
The move followed the receipt of indications of potential interest from South Africa-focused investors to fund the division. As it could not be certain that such a transaction will materialise, Chariot’s management has elected to undertake a review, according to a statement.
The Green Hydrogen division is not part of this review and will remain part of the group. Chariot’s management continues to progress financing options at the subsidiary level for this business.
“This review comes at a time of renewed focus on our near-term natural gas development assets in Morocco with the medium-term ambition of returning capital to shareholders from gas revenues,” said Chariot’s CEO Adonis Pouroulis.
Chariot is a transitional energy group with three core businesses -- Transitional Gas, Transitional Power and Green Hydrogen.
The Transitional Power division is focused on sustainable power and water solutions across the continent through building, generating and trading renewable power. The unit was launched in 2021 after Chariot took over Africa Energy Management Platform (AEMP), a developer of renewable and hybrid energy projects with a focus on African mining sites.
The unit is working in partnership with Total Eren with a right to invest up to 49% into the co-developed projects. The partners have a pipeline of projects nearing 1 GW, according to Chariot’s website.
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