Renewable Power
Focused on providing competitive, sustainable and reliable power solutions across southern Africa
ETANA ELECTRICITY TRADING LICENCE
LARGE SCALE
RENEWABLE GENERATION PROJECTS
PROGRESSING RENEWABLE POWER PIPELINE
POWER OVERVIEW
Chariot’s Renewable Power business is focused on providing competitive, sustainable and reliable energy through generating and trading renewable power in South Africa as well as progressing the development of its power-to-mining projects on the continent.
Chariot holds direct equity participation in two large-scale wind assets, along with its material stake in Etana Energy’s rapidly expanding electricity trading business. Through owning stakes in both the generation assets and the trading entity that buys and on-sells its output, the business can capture revenue at two points in the value chain whilst providing much needed competitively priced, low carbon energy. Both business streams have been funded at the subsidiary level through a combination of guarantee finance, project debt and equity support from key institutions and some of Africa’s largest banks.
Along with supplying into South Africa’s power market there is a larger market opportunity across the Southern Africa region as well as the potential to move into battery energy storage which provides wider ranging additional growth options for the business.
ELECTRICITY TRADING
Etana Energy is a licensed energy trader focused on providing competitive, sustainable end-to-end energy solutions through connecting power generation projects to commercial and industrial users by aggregating and wheeling electricity across South Africa’s national grid.
- Etana has developed a “many generators to many offtakers” business model and is effectively building a new utility business as it looks to supply competitively priced, cleaner power to some of South Africa’s largest commercial and industrial users.
- Through this platform Etana is tapping into a wide and essential network, one that could become one of the most influential businesses in facilitating and delivering greener, competitive and sustainable energy across South Africa over the next decade.
- Over 24 long-term Power Purchase Agreements (“PPAs”) have been signed with some of the largest electricity consumers in country including Sibanye-Stillwater, Growthpoint, Autocast, Tharisa and the V&A Waterfront and work is ongoing in signing further PPAs.
- This business connects efficient supply to end users through the trading platform but it also enables the development of new, renewable energy generation, in which the Power business is also participating.
- Etana secured US$100 million in guarantee finance from BII and GuarantCo and a further US$75 million in guarantee financing and equity investments from Standard Bank and Norfund in 2025.
- This financing validated Etana’s business model and underpinned the balance sheet but importantly is enabling the development of major generation assets. Generators can get a competitive price for their electricity from a bankable business which in turn allows them to project finance and build new large wind and solar projects.
- Etana now has one hydroelectric project in operation, over 400MW of wind and solar in construction (including the 75MW Du Plessis and 150MW Orkney projects underway with Mulilo), and a 500MW+ of shovel-ready grid connectable renewable energy projects in the pipeline.
- Chariot’s subsidiary, Chariot Generation and Trading holds an economic interest of 34% in Etana, along with H1 Holdings (Pty) Limited (36%), Norfund (20%) and Standard Bank (10%) . Chariot Generation and Trading is co-owned by Chariot which owns a 65% stake and the Mahlako Energy Fund, managed by Mahlako A Phahla Financial Services, a highly respected 100% black women owned fund manager in South Africa which holds the remaining 35%.
“These are our first direct equity investments in utility scale renewable generation and as with electricity trading, participation in future generation projects offers wide ranging and long-term growth potential.”
Benoit Garrivier
CEO Chariot Transitional Power
THE MARKET OPPORTUNITY
South Africa’s electricity sector has seen a structural shift in recent years as the country has undergone rapid deregulation in response to power shortages, ongoing decommissioning of its coal-fired power stations and a country-wide need for long-term, reliable energy. The Government signed the Electricity Regulation Amendment Act into law in 2024, which set out steps to unbundle the state monopoly and establish a wholesale electricity market within a five-year timeframe. This was a defining moment for the sector, moving it away from a vertically integrated system to enable a more competitive, open market, designed to improve energy security and encourage renewable energy integration.
This reform represents the most significant overhaul of the sector that opened up a new commercial landscape, creating a new business opportunity by enabling independent renewable energy producers and traders to aggregate, develop and supply power directly into the domestic market. Not only is South Africa’s electricity market the largest in Africa, it is also part of the wider Southern African Power Pool that serves 360 million people across its 12 member countries. With the opportunity to scale across this region in the future, there is real scope for the trading model to develop across borders in the longer term.
GENERATION PROJECTS
Chariot’s involvement in Etana has also enabled the Group to secure material stakes in generation projects which will deliver an important second long-term revenue stream with a targeted 15% equity return. In December 2025, Chariot announced the financial close on two large projects in South Africa’s Western Cape: the Zen and Bergriver wind farms, which have a combined export capacity of 194 MW. Acciona Energía is lead sponsor and construction is now underway with this power generation directly linked into Etana’s wheeling capacity. These are Chariot’s first direct equity investments in utility-scale renewable generation and as with electricity trading, participation in future generation projects offers wide ranging and long-term growth potential.
Chariot fully financed its share in these projects through a combination of project finance debt, third party equity investment and mezzanine debt – all arranged at the subsidiary level. Closing this transaction was a key milestone for Chariot as this effectively created two material future revenue streams; through the stakes in these wind generation assets which will sell power and through revenues from the trading of this energy through Etana.
POWER TO MINING PORTFOLIO
- First Quantum Minerals
Chariot is working alongside TotalEnergies on the 225MWp Kipemba solar project which, once built will be the largest solar project in Zambia. This will supply up to 25% of energy requirements for First Quantum’s Kansanshi mine, the largest copper-gold mine in Zambia and one of the largest copper mines in the world. Financial close is expected later this year and the electricity generated by Kipemba will be wheeled to the mine through the national grid infrastructure, with support from ZESCO, Zambia’s national electricity utility.Tharisa
Also in partnership with TotalEnergies, Chariot is developing the 40MW solar PV Buffelspoort project at Tharisa’s chrome and platinum group metals mine in the north west province of South Africa. The plant will supply around 30% of the mine’s electricity needs and Tharisa has also signed a 15-year PPA with Etana to provide up to a further 44% of the mine’s energy demand. - Karo
In Zimbabwe, Chariot is working on the development of a 30MW solar plant, to supply competitive electricity on site at Karo’s platinum mine in Zimbabwe. Chariot is now partnering with Solarcentury to develop this project on a 50 / 50 basis and with Tharisa as a 78.81% shareholder in Karo, this is also linked to their carbon emission reduction targets.