Petroleum Africa
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Monday, March 28, 2022
Renergen announced that following negotiations with the Central Energy Fund, a term sheet has been agreed between the parties, which if binding agreements are executed within the stipulated time-period, will see the Central Energy Fund invest R1bn into Tetra4 Proprietary Limited. The major investment will see Central Energy Fund take a 10% stake in Tetra4.
If binding contracts have not been executed after 141 days, the purchase price shall be renegotiated in good faith.
Central Energy Fund is a State-owned diversified energy company with an investment mandate focused on contributing to the energy security of South Africa. The agreement between Renergen and Central Energy Fund, follows the strategic partnership announced last week between Renergen and the Robert Friedland-led Ivanhoe Mines and comes at an exciting time for the Company, with Phase 1 operations at Virginia Gas Project (Virginia) due to commence in April.
Stefano Marani, CEO of Renergen, commented: “Renergen and the CEF’s relationship goes back many years. Importantly, during this time Renergen has successfully grown Virginia in a size and scale, highlighted by the growth both of our helium and methane reserves, which have finally reached the critical mass to enjoy CEF’s involvement. Today’s investment commitment is a result of long-term discussions between CEF and Renergen and during this time the CEF team have been amazing to deal with and I am very pleased to be able welcome them as a major investor in our future.
“I along with the Renergen Board and management team look forward to building on the strong strategic partnership with CEF as we embark on Phase 1 operations in April and establishing Virginia as a significant domestic and global gas producer.
“The future is extremely bright for Renergen and shareholders should be very excited by what we are building. To sign CEF and Ivanhoe Mines in the space of two weeks as major investors and strategic partners, highlights the significant growth of the Company and the critical role Virginia will play in the future supply of clean energy as well as in-demand helium.”
CEF CEO Dr Ishmael Poolo, added: “Our participation in the Renergen project is in line with the newly adopted strategy of being a “strategic investor” in the energy value chain that is geared to support the region’s energy needs, leading the energy security and just transition program for South Africa.”
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