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Construction starts on Karo platinum project; Total Eren, Chariot to undertake solar PV installation
7th December 2022
By: Tasneem Bulbulia
Creamer Media Reporter
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France-based renewable energy independent power producer (IPP) Total Eren and Aim-listed Chariot, pursuant to a partnership entered into in November 2021, have agreed to work together on the development, financing, construction and operation of a solar photovoltaic (PV) project that will provide competitive electricity for the Karo platinum project, in Zimbabwe.
The solar PV project is expected to have an initial installed capacity of 30 MW, with a potential extension of up to 300 MW.
Construction of the Karo platinum mine has also started, marked by December 7 official ceremony.
Total Eren and Karo Mining Holdings have previously signed a memorandum of understanding (MoU) as the first step towards implementation and signing of a long-term power purchase agreement for the supply of electricity.
Karo and the partners will now pursue the next steps of development of the PV project.
“In partnering with Total Eren on this project, we advance towards our objective of delivering a 1 GW renewable energy pipeline and developing some of the largest sustainable power projects in Africa,” says Chariot Transitional Power CEO Benoit Garrivier.
Dual-listed Tharisa is a 70% shareholder in Karo Mining Holdings which, in turn, indirectly owns 85% of the Karo platinum project. The Zimbabwean government holds the remaining 15%, on a free carry basis.
Chariot CEO Adonis Pouroulis beneficially owns directly or indirectly 58.88% of the total voting rights in Karo Mining Holdings.
In a separate statement, Tharisa says the new mine development will see Karo create about 1 000 permanent jobs and up to 7 000 jobs during the construction phase.
Karo is also in the process of raising funds via a proposed bond listing on the Victoria Falls Stock Exchange. The funds will be used, in part, to fund the development of the Karo platinum project, which has a total capital cost for Phase 1 of $391-million.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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