Nedbank, Norfund to lend Pele Green R2.5bn for renewable power plants

Pele Green Energy has secured R2.5-billion in funding from lenders including Nedbank Group to help it build renewable power plants including one ordered by Anglo American Platinum. The other creditors include Norfund and the Industrial Development Corporation (IDC), development finance institutions owned by the governments of Norway and South Africa respectively, said Gqi Raoleka, Pele’s MD. Nedbank will provide R1-billion, the IDC R829-million and Norfund R658-million.