Chariot announce new electricity trading JV in South Africa
Chariot Limited announced it has formed a new joint venture through a 25% interest in a new South African electricity trading company, Etana Energy (Pty) Limited (“Etana”) which has been granted an electricity trading licence by the National
Energy Regulator of South Africa (“NERSA”).
• South Africa is the largest electricity market on the continent but has regular power outages due to insufficient supply. To combat this energy crisis rapid market deregulation is currently taking place, which includes selectively issuing electricity trading licences and facilitating the build of energy projects of up to 100 MW generation capacity.
• Etana’s objective is to deliver unique renewable energy mix solutions at competitive prices to help address the significant power requirements across South Africa with the licence opening up access to a range of high-volume off-takers including municipal, industrial and retail customers.
• This trading licence gives the right to buy and sell electricity on the national transmission grid and within some selected municipal areas.
• Electricity trading could bring an additional revenue stream into Chariot and could enable Chariot’s future participation in large renewable projects in Southern Africa.
Etana is owned indirectly by Chariot (25%), the Neura Group (“Neura”) (49%), H1 Holdings (21%) and Meadows Energy (5%) (all together, the “Partners”). The Partners have extensive relevant experience in the electricity market in South Africa. Chariot, H1 Holdings and Meadows Energy have a proven track record in developing and investing in large renewable projects in Africa, whilst Neura has developed a unique hardware and software based technology specifically designed for the trading in the South African environment. In addition to this Etana is the first empowered trading company in South Africa.
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