South African financial institution Nedbank Group and Norwegian investment firm Norfund have acquired a stake in South African independent power producer Pele Energy Group. As part of the acquisition deal, Nedbank and Norfund will invest $31 million to support Pele Energy’s operations.
Pele Energy aims to deploy the infrastructure necessary to support the 30 GW of new renewable capacity required to enhance the reliability of the South African grid network, according to Matt Wainwright, Chief Financial Officer of Pele Energy.
“The company will target additional capital of R2 billion to R3 billion over the next two years,’ said Wainwright.
Nedbank and Norfund, along with South Africa’s Industrial Development Corporation, previously contributed to Pele Energy’s growth through a R2.5 billion. In December 2024, Pele Energy secured six of the eight contracts awarded for new renewable projects in South Africa.
