In the dynamic landscape of South Africa's renewable energy sector, few embody the blend of investment insights and exceptional talent like Fumani Mthembi. As a visionary entrepreneur, Mthembi not only led Pele Green Energy to prominence, but also redefine leadership within the industry. The recent acquisition of a substantial minority stake in PELE Energy Group by Nedbank Group and Norwegian investment firm Norfund highlights the growing appeal of South Africa's clean energy market to global investors.
Nedbank and Norfund Investment Transactions
The strategic investment is US$31 million (R573 million), honoring an important milestone for Pele Energy Group. This capital injection is part of a broader financial arrangement in which PELE secured $135 million in structured funding from Nedbank, Norfund and the Industrial Development Corporation of South Africa. According to CFO Matt Wainwright, the funding will serve as the foundation for Pele to raise another R2 billion to R3 billion over the next two years, driving the company's expansion in the renewable energy sector.
For Mthembi, this partnership represents more than just financial growth. We examine years of dedication to building a company that is at the forefront of South Africa's renewable energy transition. The collaboration between Nedbank and Norfund is not only aligned with Pele's financial capabilities, but also with its mission to promote sustainable development and energy security in the region.
Operations and Impact of Pele Energy
Co-founded by Mthembi and Gqi Raoleka, Pele Green Energy has established itself as a vital player in South Africa's renewable energy environment. The company specializes in developing, owning, procuring, building and operating renewable energy power projects. Its portfolio includes both small-scale embedded and utility-scale power plants that meet diverse energy needs across the country.
Pele's projects are designed to provide reliable, sustainable energy solutions, helping to reduce carbon emissions and promote environmental management. By focusing on both commercial and industrial renewable solutions, Pele is tackling the growing demand for clean energy among companies looking to strengthen their sustainability profile and reduce operational costs.
Beyond energy production, Pere is committed to socioeconomic development. The company is actively involved in community improvement initiatives, job creation and skill development programs, ensuring that the benefits of renewable energy extend beyond their environmental impact to concrete improvements in the community.
Mthembi's journey into the energy sector is a testament to the convergence of expertise and opportunity. The former JPMorgan Chase & Co Banker brought along with her keen financial insights that helped her navigate the complexities of project fundraising in the renewable energy space. Her strategic vision positioned Pere not only as a power producer but as a catalyst for economic change. It creates jobs, promotes skill development and ensures that historically marginalized communities are active participants in South Africa's green economy.
As Pele advances its mission, the broader policy environment remains a key factor. The intersection of water, energy and infrastructure development is becoming more and more appropriate, especially in countries where climate change and resource shortages pose important challenges. In this context, Vice President Shipcosa Paulus Mashatair will officially close the National Water and Sanitation Indava on Friday, March 28, 2025 at the Gallagher Convention Centre in Midland, a rally aimed at addressing water safety challenges in South Africa. For more information about Indava, click here.
With a clear vision for strategic investment and expansion, Mthembi and Pele Energy are poised to play an even more important role in South Africa's renewable energy transition. As the country moves towards a cleaner and more resilient power grid, it is a leader like Mthembi, with talent, determination and strategic foresight. This transition ensures that it covers not only infrastructure development, but also long-term economic empowerment and environmental sustainability.
