TIDMCHAR
RNS Number : 9166I
Chariot Limited
07 December 2022
ZIMBABWE: TOTAL EREN AND CHARIOT TO DELIVER SOLAR PV PROJECT FOR
KARO MINING'S PLATINUM MINE
Harare/London/Paris - December 7(th) , 2022 - Total Eren, a
leading renewable energy Independent Power Producer (IPP) based in
France and Chariot (AIM: CHAR), the Africa focused transitional
energy company (together the "Partners"), are pleased to announce
that, pursuant to the partnership entered into in November 2021,
Total Eren and Chariot have agreed to work together on the
development, financing, construction, and operation of a solar
photovoltaic (PV) project that will provide competitive electricity
for the Karo Platinum Project, in Zimbabwe.
The solar PV project is expected to have an initial installed
capacity of 30 MWp with a potential extension of up to 300 MWp.
Construction of the Karo Platinum Mine has commenced, as marked
today during an official ceremony in the presence of the Minister
of Mines and Mining Development, Hon. W. Chitando.
Total Eren and Karo Mining Holdings ("Karo") have previously
signed a Memorandum of Understanding (MoU) as the first step
towards implementation and signing of a long-term Power Purchase
Agreement (PPA) for the supply of electricity. Karo and the
Partners will now pursue the next steps of development of the PV
project.
Fabienne Demol, Executive Vice-President & Global Head of
Business Development of Total Eren, commented: "We are very pleased
to partner again with Chariot on a new renewable energy project
dedicated to the mining sector. Our solar project will enable the
Karo Platinum Mine to be supplied in low carbon electricity during
its operating life, therefore reducing its carbon footprint and
generating a competitive source of electricity supply in Zimbabwe.
I look forward to delivering this solar project and wish to start
even more renewable energy projects in this country where our
strategic shareholder, TotalEnergies, holds a strong
footprint."
Benoit Garrivier, Chariot Transitional Power CEO, added: "In
partnering with Total Eren on this project, we advance towards our
objective of delivering a 1 GW renewable energy pipeline and
developing some of the largest sustainable power projects in
Africa. We wish Karo all the best with their construction phase and
look forward to implementing the solar plant build in due
course."
Bernard Pryor, MD of Karo Mining Holdings, declared: " As part
of our sustainable development plan, green power was always placed
at the forefront of our energy strategy. Land designated to develop
this type of power strategy has been allocated, close to the Karo
Mine but also being mindful of a broader power strategy that we
will develop with our partners and the government of Zimbabwe, to
ensure stable and lasting green energy benefitting all our
stakeholders and beyond."
About Karo Mining Holdings Limited
Tharisa, the platinum group metals ("PGMs") and chrome
co-producer dual-listed on the Johannesburg and London stock
exchanges, is a 70% shareholder in Karo Mining Holdings ("Karo")
which in turn indirectly owns 85% of the Karo Platinum Project
('Karo Project'), with the Government of Zimbabwe holding the
remaining 15%, on a free carry basis.
The Mining Lease area for the Karo Project covers an area of 23
903 ha and is located within the Great Dyke in the Mashonaland West
District of Zimbabwe, approximately 80 km southwest of Harare and
35 km southeast of Chegutu.
The Karo Project has a 24-month design and construction schedule
- starting 1 July 2022, with the first ore in the mill (FOIM)
planned for July 2024. The cost to FOIM is set at US$391
million.
Adonis Pouroulis, CEO of Chariot, beneficially owns directly or
indirectly 58.88 per cent of the total voting rights in Karo Mining
Holdings Limited.
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 3,700 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. Since December
2017, TotalEnergies, the major energy company, has been
participating as a shareholder of Total Eren.
Visit us at www.total-eren.com .
About Chariot
Chariot is an Africa focused transitional energy group with
three business streams, Transitional Gas and Transitional Power and
Green Hydrogen. Chariot Transitional Gas is a high value, low risk
gas development project offshore Morocco 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 is looking to
transform the energy market in Southern Africa, providing a giant
largely untapped market with cleaner, sustainable, and more
reliable power. Chariot Green Hydrogen is partnering with Total
Eren and the Government of Mauritania on the potential development
of a 10 GW green hydrogen project, Project Nour. Further
large-scale green hydrogen opportunities are also being
evaluated.
The ordinary shares of Chariot Limited are admitted to trading
on the AIM under the symbol 'CHAR'.
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.
For more information, please contact :
Total Eren
Solange Petit de Bantel, Communication and PR
Manager +33 6 18 23 76
solange.debantel@total-eren.com 99
Laetitia Quignon, Sarah Levy-Quentin (Brunswick
Group) +33 1 53 96 83
eren@brunswickgroup.com 83
Chariot Limited
Adonis Pouroulis, CEO +44 (0)20 7318
Julian Maurice-Williams, CFO 0450
Cenkos Securities Plc (Nomad and Joint Broker) +44 (0)20 7397
Derrick Lee, Adam Rae 8900
Stifel Nicolaus Europe Limited (Joint Broker) +44 (0) 20 7710
Callum Stewart, Ashton Clanfield 7760
Celicourt Communications (Financial PR) +44 (0)20 8434
Mark Antelme, Jimmy Lea 2754
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END
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