Chariot Ltd on Monday reported a new deal for an electricity trading company in which it holds interest, alongside plans to raise up to £3 million through an open offer.
The London-based energy company has a 34% stake in South African electricity trading platform Etana Energy Pty Ltd, held via subsidiary Chariot Generation & Trading Pty Ltd. The latter is co-owned by Chariot and Mahlako Energy Fund.
Other Etana shareholders include the Norwegian foreign investment authority, Johannesburg-based lender Standard Bank Group Ltd and South African investment firm H1 Holdings Pty Ltd.
Etana has signed on to receive an additional 150 megawatts of AC power from the Orkney solar photovoltaic project in South Africa’s North West province, bringing the project to financial close.
Orkney is funded by Mulilo, the company building the project, alongside a consortium of South African financial firms. It is targeting an AC export capacity of 150 megawatts, and annual electricity production of 478 gigawatt hours.
‘This is the second project that has been completed through the Etana and Mulilo partnership, the first being the 75MWAC Du Plessis Dam Solar PV2 project that commenced construction last year,’ Chariot noted.
Orkney ‘underlines how [Etana’s] business model is addressing both the supply and demand for renewable energy by enabling and instigating the build of these projects,’ commented Benoit Garrivier, Chariot’s chief executive of Renewable Power.
Separately on Monday, Chariot shared plans to raise up to £3 million through an open offer to existing investors, priced at 1.4 pence per share. This is the same price as a placing and subscription announced Thursday, which has conditionally raised £14.8 million net proceeds.
Qualifying shareholders can subscribe to one open offer share for every seven existing shares held. In addition, they will receive one warrant for every new share issued, exercisable at a price of 2.4p.
‘Any funds raised through the open offer will be used to supplement the group’s working capital,’ Chariot said.
The firm’s shares rose 1.7% to 1.40 pence each on Monday afternoon in London.
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