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The latest update is out from Chariot Oil & Gas ( (GB:CHAR) ).
Chariot’s renewable arm, through its 65%-owned Chariot Generation and Trading and its interest in Etana Energy, is expanding its footprint in South Africa’s private power market. Etana, a licensed energy trader supplying renewables to businesses via national and municipal grids, underpins Chariot’s strategy to deliver competitive and reliable low-carbon electricity across the region.
Etana has secured sole offtake of 150MW AC from Mulilo’s 219MW DC Orkney solar project, which has reached financial close and is expected to generate about 478GWh a year for Etana customers, marking their second deal with Mulilo after the Du Plessis Dam Solar PV2 project. The move advances Etana’s and Chariot’s roles in adding more than 500MW of new renewable capacity to South Africa’s grid over the past year, reinforcing their contribution to easing power constraints and accelerating the country’s energy transition.
The most recent analyst rating on (GB:CHAR) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Chariot Oil & Gas stock, see the GB:CHAR Stock Forecast page.
Spark’s Take on GB:CHAR Stock
According to Spark, TipRanks’ AI Analyst, GB:CHAR is a Neutral.
Chariot Oil & Gas’s overall stock score reflects significant financial challenges and bearish technical indicators. However, strategic corporate events, including partnerships and a shift towards renewable energy, offer potential for future improvement. The company’s valuation remains unattractive due to ongoing losses.
To see Spark’s full report on GB:CHAR stock, click here.
More about Chariot Oil & Gas
Chariot Limited is an Africa-focused energy group with two core business streams: upstream oil and gas and renewable power. Its renewable power division builds, generates and trades clean energy in South Africa, develops power-to-mining projects across the continent, and advances the Project Nour green hydrogen initiative in Mauritania, with shares listed on AIM under the symbol CHAR.
Average Trading Volume: 2,504,235
Technical Sentiment Signal: Strong Sell
Current Market Cap: £25.63M
For detailed information about CHAR stock, go to TipRanks’ Stock Analysis page.