Nedbank Group and Norwegian investment firm Norfund are acquiring a “substantial minority” stake in a renewable energy company co-founded by a former JPMorgan Chase & Co banker.

The firms will invest US$31-million (R573-million) in Pele Energy Group, said chief financial officer Matt Wainwright. The investment is the second leg to a larger transaction where the company raised $135-million in a structured loan from Nedbank, Norfund and South Africa’s Industrial Development Corporation, said Wainwright, without disclosing the exact size of the stake.

The transaction creates a platform for Pele to raise more funding, Wainwright said. “The company will target additional capital of R2-billion to R3-billion over the next two years.”

Pele — co-founded by Gqi Raoleka — and other clean power plant developers are capitalising on a drive by energy-dependent companies in South Africa to become self-reliant. While the country now has relatively stable electricity supply, it endured frequent rolling blackouts until last year. Renewable power is also needed for its transition from a grid that relies on coal to generate more than 80% of its electricity.

South Africa will need at least 30GW of renewables to support the emerging needs of the grid, including battery energy storage projects, Wainwright said.

Pele and its partners won bids in December for six of eight selected projects in a government programme to procure renewable energy. The company expects the projects to close between September this year, and March 2026, said Wainwright.

Read: Miner to roll out R2.1-billion South African solar plant

“Given the scale of infrastructure and investment needed for renewable energy expansion, having strong financial partners helps accelerate project development while ensuring sustainable growth.” — Loni Prinsloo and Paul Burkhardt, (c) 2025 Bloomberg LP

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