Nedbank Group and Norwegian investment firm Norfund have announced a R573-million investment in Pele Energy Group, acquiring a substantial minority stake in the South African renewable energy company. This investment forms part of a broader financial transaction in which Pele secured $135 million (R2.5 billion) in structured loans from Nedbank, Norfund, and the Industrial Development Corporation (IDC). The funding will provide Pele with the financial backing needed to expand its clean energy projects and raise an additional R2 billion to R3 billion over the next two years.
Pele Energy is capitalising on the growing demand for independent energy generation in South Africa, where companies are seeking alternatives to the national grid following years of rolling blackouts. The country’s energy transition requires at least 30GW of renewable capacity, including battery storage solutions, to meet long-term sustainability goals. In December, Pele and its partners secured six of eight government-awarded renewable energy projects, positioning the company as a key player in South Africa’s clean energy landscape. These projects are expected to reach financial closure between September 2025 and March 2026.
With the renewable energy sector requiring large-scale infrastructure investment, securing strategic financial partners like Nedbank and Norfund will accelerate the rollout of clean power projects. This investment strengthens Pele’s ability to drive sustainable energy solutions, support grid stability, and contribute to South Africa’s shift away from coal dependency. As demand for renewable energy grows, the funding ensures that Pele remains at the forefront of the country’s clean energy transformation.