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Glencore inks R2bn solar deal with Pele Green Energy

Renewable energy company Pele Green Energy said on Thursday it reached a financial close for a Solar Plant with Glencore's ferroalloys unit and its joint venture partner Merafe Resources. The deal, valued at R2.1bn according to Bloomberg News, will see the development of the Sonvanger Solar PV Power Plant in the Free State.

By DhanushVignesh Babu

29 Nov 2024

An employee of a private security company stands in front of the logo of commodities trader Glencore during the company's annual shareholder meeting in Cham, Switzerland. Source: Reuters/Arnd Wiegmann

The Sonvanger Solar PV Power Plant, a 100MW facility will contribute to the country's clean energy transition, Pele Energy said.

Glencore, Merafi and Pele did not immediately respond to a request for a comment.

Aqunion CEO Rowan Yearsley would like to expand the solar project, but is mindful of the overinvestment risks.

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Nedbank Group and Absa Group will provide debt financing, with Pele Green Energy contributing equity, according to Pele MD Gqi Raoleka, as reported by Bloomberg.

Source: Reuters

Reuters, the news and media division of Thomson Reuters, is the world's largest multimedia news provider, reaching billions of people worldwide every day.

Go to: https://www.reuters.com/

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