Pele Energy Group (PEG) has secured R575 million ($30.9 million) in funding from Nedbank and the Norwegian Climate Investment Fund (Norfund) to strengthen its renewable energy portfolio in South Africa and beyond.
The capital injection, channeled through PEG’s subsidiaries—Pele Green Energy (PGE) and Knowledge Pele (KP)—will provide the financial flexibility needed to accelerate project development, expand impact, and seize new opportunities in the renewable energy sector.
Strategic Investment for Sustainable Growth
PEG CEO Gqi Raoleka described the investment as a “game-changer” for the company and the broader renewable energy industry. “Having Nedbank and Norfund as strategic partners underscores their confidence in our vision and capabilities,” Raoleka stated. “This support allows us to drive sustainable energy solutions that will have a lasting impact on Africa’s energy landscape.”
The funding was facilitated through Pele Energy Fund 1, where Nedbank and Norfund serve as key limited partners, and PEG acts as the general partner. This investment vehicle is structured to support large-scale renewable energy projects, ensuring long-term capital deployment and scalability.
Commitment to Decarbonization
Norfund estimates that the investment will contribute to projects that will prevent approximately 1.9 million tonnes of CO₂ emissions annually.
Mike Peo, Nedbank Group’s Head of Infrastructure, Energy, and Telecommunications, emphasized the bank’s commitment to sustainable energy. “We are proud to lead the structuring, execution, and participation in one of South Africa’s most innovative renewable energy transactions. Our focus remains on fostering sustainable partnerships and reinforcing our commitment to decarbonization through strategic investments in renewable energy.”
Future Expansion Plans
Looking ahead, PEG aims to raise an additional R2 billion to R3 billion by 2026 to expand its investment portfolio and address South Africa’s growing demand for renewable energy solutions.
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