• Strategic Growth: Nedbank and Norfund acquire a “substantial minority” stake in Pele Energy Group, reinforcing South Africa’s clean energy expansion.
• Major Investment: The firms commit $31M, part of a broader $135M financing deal, positioning Pele for further capital raises of up to $160M over two years.
• Energy Transition: Pele’s projects support South Africa’s shift from coal to renewables, with 30GW of clean energy needed to stabilize the grid.

Nedbank Group Ltd. and Norwegian investment firm Norfund AS are acquiring a significant stake in Pele Energy Group, co-founded by former JPMorgan Chase banker Gqi Raoleka. The investment aligns with South Africa’s clean energy push as companies seek self-sufficiency.

Financial Backing:

“The company will target additional capital of two to three billion rand over the next two years,” said Pele CFO Matt Wainwright.

This investment follows a $135M structured loan from Nedbank, Norfund, and South Africa’s Industrial Development Corp.

Why It Matters:

South Africa, once plagued by rolling blackouts, needs at least 30GW of renewables, including battery storage, to stabilize its energy grid. Pele is capitalizing on this demand.

RELATED ARTICLE: Nedbank Launches R2.1 Billion Green Private Power Bond – Fueling Renewable Energy in South Africa

Winning Bids:

Pele and its partners secured six out of eight projects in a recent government-backed renewable energy procurement program. These projects are set to close between September 2024 and March 2026.

The Bottom Line:

“Given the scale of infrastructure and investment needed for renewable energy expansion, having strong financial partners helps accelerate project development while ensuring sustainable growth,” said Wainwright.

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