• Chariot and ACWA Power sign MoU to explore energy projects in Southern Africa.
• Focus on renewables, storage, and gas-to-power for grids and industries.
• Plans remain exploratory; no binding deal or timeline confirmed yet.
  

London-listed Chariot Energy Group announced on Thursday, October 30, that it has signed a memorandum of understanding with Saudi developer ACWA Power to explore the creation of a sustainable energy platform in Southern Africa.

The agreement covers South Africa, Botswana, Namibia, Mozambique, Zambia, and Tanzania. According to the statement, the partnership will focus on developing, owning, and operating energy transition assets that combine renewable power, battery storage, and gas-to-power solutions to supply both national grids and industrial clients.

Under the memorandum, the two companies plan to pool their technical, operational, and financial expertise. The first phase will involve assessing the establishment of a joint venture in Southern Africa to identify, design, and structure a portfolio of scalable energy projects.

The deal remains exploratory, and there is no guarantee that it will lead to a binding agreement. It serves primarily as a framework to assess the technical, economic, and regulatory feasibility of future energy projects in the region.

Southern Africa is seen as one of the most promising regions for renewable energy growth. A 2024 report by the Global Development Policy Center at Boston University estimates that the region will need to add around 52.8 gigawatts of generation capacity to achieve universal electricity access by 2040, with more than half expected to come from renewable sources.

Chariot and ACWA Power are now preparing the documentation required for potential legally binding agreements. No financial commitments or timelines have been disclosed. The project’s continuation will depend on the outcome of feasibility studies, financing structures, and regulatory conditions in each country.

Abdel-Latif Boureima