The fund is supporting a new platform operated by Pele Green Energy Group, a Black Economic Empowerment (BEE) infrastructure company focused on clean energy.

Pele Green Energy was founded in 2009 by five young South African entrepreneurs.

The company develops, builds, owns, and runs renewable energy projects. Currently, it operates 980 megawatts (MW) of clean energy, has 670 MW under construction, and a development pipeline of more than 5 gigawatts (GW).

To boost the growth of Pele’s renewable energy projects, the Climate Investment Fund is partnering with Nedbank, one of South Africa’s leading banks. Together, they will invest around $32.6 million.

Bjørnar Baugerud, head of the Climate Investment Fund at Norfund, said the investment would help address South Africa’s energy needs while reducing harmful emissions.

“We see this investment as a significant contribution to meeting South Africa’s growing energy needs while avoiding large scale emissions,” he noted.

Gqi Raoleka, CEO of Pele Green Energy, welcomed the funding and called it a turning point for the company.

“This transaction is a game-changer for the Pele Energy Group and the broader renewable energy sector,” he said.

“Having Nedbank and Norfund as strategic partners reflects their belief in our vision and abilities. This support helps us speed up project development, expand our impact, and explore new opportunities to deliver sustainable energy solutions for Africa.”

The investment marks a strong step forward for South Africa’s clean energy ambitions and highlights growing international support for green infrastructure in the region.