Nedbank, Norfund to Lend Pele Green $132 Million for Renewable Power Plants
- Industrial Development Corporation is part of funding group
- Pele is building a power plant for Anglo American Platinum
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Pele Green Energy has won 2.5 billion rand ($132 million) in funding from lenders including Nedbank Group Ltd. to help it build renewable power plants including one ordered by Anglo American Platinum Ltd.
The other creditors include Norfund AS and the Industrial Development Corp., development finance institutions owned by the governments of Norway and South Africa respectively, said Gqi Raoleka, Pele’s managing director. Nedbank will provide 1 billion rand, the IDC 829 million rand and Norfund 658 million rand.