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Chariot Ltd on Monday said it completed a financing and strategic equity partnership established primarily to fund its investment in two wind generation projects in South Africa, which also reached financial close on Monday. Shares in Chariot, a London-based, African-focused company working on wind power, green hydrogen, and gas projects in Morocco and Mauritania, closed at 1.58 pence, having risen 10% on Monday in London. Chariot now holds a 24% stake in the 100 megawatt Zen and 94mw Bergriver wind farms through its newly formed subsidiary, Chariot Generation & Trading, alongside lead sponsors Acciona SA and H1 Holdings (Pty) Ltd. The projects, with a combined export capacity of 190mw, will move into construction imminently and are scheduled to be commissioned in mid-2027. Chariot funded its participation in the two projects entirely at subsidiary level through a multi-layered package, including $284 million of non-recourse project finance debt from Standard Bank Group Ltd and Investec PLC and LTD, a $17 million strategic equity investment from Mahlako Energy Fund I, and $9 million of mezzanine debt. Following the investment, Chariot retains a 65% stake in Chariot Generation & Trading, with Mahlako holding 35%. Once operational, the wind generation projects will generate revenue from power production and trading electricity through Etana Energy, in which Chariot holds a 34% economic interest. Etana signed a 20-year power purchase agreement covering the full output of both wind farms, which are expected to displace around 600,000 tonnes of CO2 emissions annually, Chariot said. ‘Reaching financial close on these Zen and Bergriver assets is a key development milestone and we are very pleased to be working alongside Acciona Energia and H1 as we play a part in building essential infrastructure, contributing to diversifying the energy mix and delivering clean, reliable power across South African industries,’ said Chariot’s Chief Executive Adonis Pouroulis. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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