Pele Energy Group (PEG) has successfully raised R575m ($30.9m), backed by Nedbank and the Norwegian Climate Investment Fund (Norfund) to enhance its renewable energy portfolio across South Africa and the broader African continent.
The investment will provide PGE with the necessary financial flexibility through its subsidiaries, Pele Green Energy (PGE) and Knowledge Pele (KP).
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Pele Energy Group CEO Gqi Raoleka stated: “This transaction is a game-changer for the Pele Energy Group and the broader renewable energy sector. Having Nedbank and Norfund as strategic partners in our capital structure reflects their strong belief in our vision and capabilities.
“This backing enables us to accelerate project development, scale impact, secure new opportunities and drive sustainable energy solutions that will have a lasting impact on Africa’s energy future.”
The equity raise was facilitated through Pele Energy Fund 1, with Nedbank and Norfund as key limited partners and PEG as the general partner.
This investment vehicle is designed to support future large-scale energy projects, providing a flexible and scaleable platform for long-term capital deployment.
Norfund estimates that the investment will contribute to projects avoiding 1.9 million tonnes of CO₂ annually.
Nedbank Group head of infrastructure energy and telecommunications Mike Peo stated: “The Nedbank Group is very proud of our role in leading the structuring, execution and participation in one of the most innovative and exciting transactions in the South African renewable energy space.
“We continue to focus on supporting and creating sustainable partnerships, through the design of innovative structures coupled with balance sheet support, and the re-inforcement of our demonstrated commitment to the decarbonisation of the country and the continent through investment in the renewable energy sector.”
PGE aims to raise an additional R2bn to R3bn up to 2026 to grow its investment portfolio and meet South Africa’s rising demand for renewable energy.
