Pele Green Energy's New South African Platform Targets 1.9 Million Tons CO2 Reduction
Deal News | Mar 08, 2025 | Norfund
Norfund's Climate Investment Fund is making a significant investment in Pele Green Energy Group, a South African company focused on renewable energy. The R575 million capital injection, in partnership with Nedbank, aims to scale up renewable energy initiatives to avoid 1.9 million tons of CO2 emissions annually, equivalent to 4% of Norway's emissions. This investment is in response to South Africa’s energy crisis, dominated by coal power, and aligned with global energy transition goals. Established in 2009, Pele Green Energy is a BEE initiative with a rich portfolio of solar and wind power projects. The current investment will further focus on energy delivery to businesses and battery storage solutions.
Sectors
- Renewable Energy
- Finance
Geography
- South Africa – Pele Green Energy is based in South Africa, where the renewable energy projects are being developed.
- Norway – Norfund, the Norwegian private equity firm, is engaging in the investment through its Climate Investment Fund.
Industry
- Renewable Energy – The article focuses on investments in renewable energy projects by Pele Green Energy in South Africa.
- Finance – The involvement of Norfund and Nedbank indicates the financial investment sector's role in supporting renewable energy initiatives.
Financials
- R575 Million / 350 million NOK – The total investment amount by Norfund via the Climate Investment Fund along with Nedbank.
- 400 million NOK – Previous investment by Norfund in Pele Green Energy in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pele Green Energy Group | Target Company | Company | A South African BEE company focused on developing and operating renewable energy projects. |
| Norfund | Investor (through Climate Investment Fund) | Company | A Norwegian private equity firm managing the Climate Investment Fund that invests in renewable energy. |
| Nedbank | Investment Partner | Company | One of South Africa's largest banks, partnering with Norfund in this investment. |
| Bjørnar Baugerud | Head of Climate Investment Fund | Person | He comments on the significance of the investment. |
| Åsmund Aukrust | Minister of International Development | Government | He praises the impact of the Climate Investment Fund on energy transition. |
| Gqi Raoleka | CEO of Pele Energy Group | Person | He describes the strategic importance of the investment from Norfund and Nedbank. |