Pele Green Energy Secures $132 Million Funding for Renewable Power Projects in South Africa
Pele Green Energy has successfully secured 2.5 billion rand ($132 million) in funding, with substantial contributions from key players such as Nedbank Group Ltd., Norfund AS, and the Industrial Development Corp.
The financial infusion will bolster Pele in the development of renewable power projects, including one commissioned by Anglo American Platinum Ltd. A significant portion, approximately 80%, of the funding is earmarked for the establishment of new renewable energy facilities, aligning with the company’s commitment to achieve 2,000 megawatts of generation capacity.
In line with its strategic growth, Pele Green Energy foresees additional funding rounds or equity raises in the near future. Noteworthy is the loan agreement’s preference share clause, designed to benefit lenders in case of an increase in Pele Green’s valuation.
The company’s focus extends to capitalizing on the increasing trend among South African businesses seeking alternative power sources, a response to the frequent power cuts imposed by the state utility, Eskom Holdings SOC Ltd.
Pele’s aspirations harmonize with the government’s recent call for private companies to spearhead 5 gigawatts of new solar and wind power projects. The company actively targets both private-sector initiatives and government-run auctions to contribute to the national grid.
With a commitment to majority ownership of projects, Pele is on track to finalize a 200 MW generation capacity project for an international mining company in the upcoming year. The company’s ambitious goal is to own and operate five gigawatts of renewable energy projects by 2027.
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