Chariot-backed Etana signs 220MW renewable energy deal with Sibanye-Stillwater

Core Viewpoint - Etana Energy has secured a significant ten-year power purchase agreement to supply 220 megawatts of renewable electricity annually to Sibanye-Stillwater's mining operations in South Africa, highlighting the growing role of renewable energy in the mining sector [1][3]. Group 1: Company Overview - Chariot Ltd, an Africa-focused energy company listed on AIM, holds a 34% interest in Etana Energy through its subsidiary, Chariot Generation and Trading [1]. - Other stakeholders in the project include H1 Holdings, Norfund, and Standard Bank, indicating a diverse investment base [2]. Group 2: Project Details - The power will be delivered by wheeling electricity from Etana's solar and wind portfolio across South Africa's national grid, with supply expected to commence in late 2027 [2]. - The agreement aims to meet Sibanye-Stillwater's current and future power needs, contributing to reduced electricity costs and lower carbon emissions for one of South Africa's largest gold and platinum group metals producers [3]. Group 3: Market Implications - Benoit Garrivier, CEO of Chariot's renewable power division, emphasized that this agreement signifies a material offtake agreement with a major industrial customer, showcasing the market potential for Etana [3]. - Etana is positioned to become one of the largest providers of renewable energy in South Africa, reflecting the increasing demand for sustainable energy solutions in the region [3].