Babbé LLP has worked with Chariot, an Africa focused transitional energy group, on the Du Plessis Dam PV2 solar project and a funding package.
This package consisted of US$155m. of guarantee finance for Etana Energy (Pty) Limited, Chariot’s electricity trading joint venture in South Africa, and is said to be the country’s largest transaction involving energy wheeling.
Etana is owned by Chariot (49%) and H1 Holdings (Pty) Limited (51%) and is focused on providing competitive, sustainable end-to-end energy solutions through the connecting of power generation projects to commercial and industrial users by wheeling electricity across South Africa’s national grid.
The deal will enable new renewable energy projects to break ground, with construction on the Du Plessis Dam PV2 in South Africa’s Northern Cape, commencing Q2 2025.
The Babbé team of Andrew Laws; Senior Partner, Ann Halliday; Counsel, and Keith Bell; Consultant, worked alongside Chariot’s General Counsel, Nick Shepherd, and South Africa law firm, Webber Wentzel.
Mr Laws said: “This was an interesting but complex multi-jurisdictional transaction, representing South Africa’s largest transaction involving energy wheeling – the process of transferring solar electricity to consumers, via the national grid. We are delighted to have played a part in it and wish Chariot and Etana every success with this project.”