Chariot Limited (OIGLF)
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Chariot announces financial close for wind projects in South Africa
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has completed a significant financing package for its investment in the Zen and Bergriver wind generation projects in South Africa. The two projects, with a combined export capacity of 190MW, have reached financial close and are expected to begin construction imminently, with commissioning scheduled for mid-2027.
Chariot signs outline deal with ACWA Power to develop southern African clean energy platform
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has signed a Memorandum of Understanding with ACWA Power, one of the world's largest renewable energy developers, to explore establishing a southern African sustainable energy business. The partnership will focus on developing, owning, and operating renewable, battery storage, and gas-to-power assets, with electricity to be sold to national grids, corporates, and energy traders.
Chariot is progressing a clear strategy to unlock value - broker
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has been endorsed by house broker Cavendish, following the firm's first half report, with analyst James McCormack highlighting that the AIM-quoted firm is progressing with a clear strategy to demerge its upstream and renewable divisions to unlock unrecognised value. The analyst highlighted that the move is designed to create two separate investment cases.
Chariot says it has emerged from challenging period with clear focus
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has reported interim results that outlined its refocused strategy as it split the business into two standalone units, Upstream Oil & Gas and Renewable Power. The group remained debt-free in the period and had a cash balance of US$5.6 million at the 30 June half-year stage after a gross $7.1 million was raised earlier that month.
Chariot has a clear growth plan for both its businesses
Chariot Ltd (AIM:CHAR, OTC:OIGLF) chief executive Adonis Pouroulis told investors there's a clear plan for both its upstream and renewable energy businesses as the small-cap firm reported final results for 2024, a period that preceded plans to split the company. In May, Chariot announced it would separate the two businesses which each have their own growth paths.
Chariot raises another $1mln as open offer is oversubscribed
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has announced the successful completion of its open share offer, which was oversubscribed and raised $1 million (c.£700,000).
Chariot shares soar as investors cheer funding and spin-out plan
It is not that uncommon to find small caps with parts that are worth more than the sum. But, it is rarer to see management teams get on the front foot to successfully unlock these discounted valuations.
Chariot raised $5.5mln as it advances plan to split out renewables business
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has raised US$5.5 million (£4.1 million) in net proceeds from a significantly oversubscribed placing and subscription. The company priced the equity raise at 1.4p per share.
Chariot takes back control of Moroccan assets
Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors it still sees “material value” offshore Morocco. It has now taken back control of its offshore licences in Morocco, where former partner Energean has completed its exit.
Chariot's renewable energy business has made big strides - ICYMI
Chariot Ltd (AIM:CHAR, OTC:OIGLF) earlier this week joined the Proactive studio to catch investors up with its significant and recently announced progress in its renewable energy business. The firm secured $175 million in financing for Etana Energy, its electricity trading joint venture in South Africa.
Chariot shares on a charge after it secures $75m of new funding
Chariot Ltd's (AIM:CHAR, OTC:OIGLF) shares surged 21% in early trading after the company secured a $75 million funding package for its South African electricity trading business, Etana Energy. The deal includes $55 million in guarantee financing from Standard Bank and up to $20 million in equity investment from Standard Bank and Norfund, a Norwegian state-backed investment fund.
Chariot Energy achieves key milestones at Du Plessis project
Chariot Ltd's (AIM:CHAR, OTC:OIGLF) renewables subsidiary Etana Energy has inked a 20-year Power Purchase Agreement (PPA) for 75MW of solar power from the Du Plessis Dam PV2 project, in South Africa, alongside a separate US$75 million financing to the firm's expansion. The funding comprises US$55 million in guarantee finance from Standard Bank and up to US$20 million in equity investment from Norfund, Chariot said.
