Chariot\u00a0 has announced that it has signed share purchase agreements for the acquisition of the business of Africa Energy Management Platform for consideration of up to US$2 million payable primarily in Chariot Ordinary Shares.<\/p>\n
AEMP is a renewable and hybrid energy project developer, with an ongoing strategic partnership with Total Eren, a leading global player in renewable energy, predominantly in solar and wind.<\/p>\n
Total S.A., the French multinational energy company, has a shareholding of about 30% (directly and indirectly) in Total Eren. AEMP and Total Eren are looking to provide clean, sustainable, and more competitive energy to operational mines in Africa, which represents a giant, largely untapped market in which Chariot\u2019s management has numerous high-level contacts.<\/p>\n
Transaction highlights include: \uf0b7 ESG & Positive Impact:<\/strong> Fabienne Demol, Executive Vice-President & Global Head of Business Development at Total Eren, commented:<\/strong> Benoit Garrivier, Co-Founder of AEMP, commented:<\/strong> Adonis Pouroulis, Acting CEO of Chariot, commented:<\/strong> We welcome Benoit, Laurent, and their team into the Chariot family, and we thank Total Eren for their strong support of this transaction. The strategic partnership with Total Eren is a highly valuable relationship, that we will look to strengthen and grow over the coming years.<\/p>\n The last nine months has been a busy and transformational period for Chariot under its new management team and over the coming period we will continue to look for other energy transition ventures which will further complement and build upon the high value projects we are currently looking to fast-track.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
\n\uf0b7 Pipeline of 500MW of African Mining Power Projects:<\/strong>
\no The Partners are in discussions with African mine operators with an aggregate requirement for 500MW of power for whom the Partners could provide viable energy solutions.
\no Chariot\u2019s management is also looking to leverage its other significant business interests in multiple mining operations across Africa to rapidly grow the pipeline. The African mining power market is estimated to be around the same size as half of the entire UK power market.
\n\uf0b7 Strategic Partnership with Total Eren:<\/strong>
\no Strategic partnership with Total Eren, a global renewable IPP to develop low-risk mining power projects in Africa.
\no AEMP has a right to invest in up to 15% project equity at cost in projects developed by the Partners. This provides multiple value accretive opportunities for re-investment of anticipated material cashflows provided by Chariot\u2019s Transitional Gas Project, the Anchois Development in Morocco.
\no AEMP currently recovers its overhead costs as part of the partnership providing an
\nimmediate post-acquisition revenue stream to finance ongoing costs.
\n\uf0b7 Experienced Team:<\/strong>
\no Proven track record of delivery, with the first project in operation, the largest hybrid solar plant in Africa, at the Essakane gold mine in Burkina Faso, successfully completed and currently generating returns providing proof of concept.
\no Chariot will acquire 10% project equity, alongside with Total Eren having 90%, in the
\noperational Essakane power project with positive cashflows pursuant to the SPAs.
\no Whole AEMP team to join Chariot, including founders Benoit Garrivier and Laurent Coche<\/p>\n
\no Acquisition meets Chariot\u2019s key ESG value of Positive Impact on the environment, countries, and communities where it operates.
\n\uf0b7 Name Change:<\/strong>
\no Post completion of the acquisition, the enlarged group plans to formally change its name from Chariot Oil & Gas Limited to Chariot Limited under the tagline of \u201cChariot Transitional Energy\u201d.<\/p>\n
\n\u201cTotal Eren warmly welcomes Chariot into this strategic partnership. We believe the combination of AEMP\u2019s experienced team with Chariot\u2019s wide reach to the African mining industry will bring further value accretive opportunities to our collaboration. Together, we are determined to address mining companies\u2019 energy needs and provide them with clean and competitive renewable energy solutions, even in remote areas.\u201d<\/p>\n
\n“I am very excited about joining the Chariot family. Teaming up with Chariot’s highly experienced management will allow us to take our partnership with Total Eren to the next level. Building on our award winning Essakane solar project, we look forward to growing our pipeline of projects to transform the energy market for mining. This is a fantastic opportunity to create an innovative transitional energy group focused on Africa and support our clients in their move towards green energy and reduction of their carbon footprint.\u201d<\/p>\n
\n“I am delighted to announce the acquisition of AEMP. We believe this move will provide Chariot with numerous further valuable, exciting and scalable projects that complement and build on our value accretive Transitional Gas project in Morocco. The acquisition also plays to Chariot\u2019s and its managements\u2019 significant experience and other business interests within the mining sector in Africa. We are already well advanced in
\nadding to the project pipeline and we look to forward to announcing these when appropriate. This is clearly a 1+1=3 type transaction for all parties.<\/p>\n