Chariot has signed binding key terms of a long-term joint-development partnership with Total Eren, the company said this morning. By working with Total Eren, Chariot intends to jointly originate and develop wind and solar projects for mining clients in Africa.
The partnership will have an initial duration of three years and start on January 1st, 2022. It can then be extended for a further two years.
Under the agreement, Chariot will have a right to invest between 15 to 49% into the co-development of projects.
Earlier this year, Chariot has acquired the business of Africa Energy Management Platform (AEMP) for $2m. The renewable and hybrid energy project developer had an ongoing strategic partnership with Total Eren and both entities were already looking at a pipeline of 500 W of power to African mine operators. Under that partnership, AEMP had a right to invest in up to 15% project equity at cost in projects developed by both partners.