04-03-2025
Nedbank, Norfund Acquire Stake in South Africa's Pele Energy
South Africa's Nedbank Group Ltd. and Norwegian investment firm Norfund AS are acquiring a 'substantial minority' stake in a renewable energy company co-founded by a former JPMorgan Chase & Co. banker.
The firms will invest $31 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 Corp., said Wainwright, without disclosing the exact size of the stake.
