South African financial giant Nedbank Group and Norwegian investment firm Norfund have acquired a stake in Pele Energy Group, an independent power producer in South Africa. As part of the agreement, the two firms will inject $31 million into Pele Energy’s operations.
Pele Energy is focused on deploying infrastructure to support the 30 GW of new renewable energy capacity required to enhance South Africa’s grid reliability. The company plans to raise an additional R2–3 billion over the next two years, according to Chief Financial Officer Matt Wainwright.
Previously, Nedbank, Norfund, and South Africa’s Industrial Development Corporation contributed R2.5 billion toward Pele Energy’s expansion. In December 2024, the company secured six out of eight contracts awarded for new renewable projects in South Africa.
Source: Energy Capital & Power
