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Specialist bank Investec has assisted Pele Green Energy to raise sufficient funds to expand its wind and solar portfolio.

According to a report by Bloomberg, the first round of financing was arranged through a preference-share funding arrangement that will invest in project equity and working capital, Pele Green Energy co-founder Obakeng Molabi said in an interview, without disclosing the amount.

It had taken Pele almost two years to find a financier.

Read more: Investec Bank backs a bridge facility funding renewables

Molabi said: “With this new deal, Investec is funding Pele at a group level which is unique, as banks usually fund.”

According to Andre Wepener, Investec head of power and infrastructure finance, the Bank is providing acquisition funding to help Pele increase its 35% stake in the 36MW Touwsrivier concentrated solar project in South Africa’s Western Cape province.

The energy firm bought an additional 20% stake from France’s Soitec to makes the plant fully South African-owned, said Pele’s other co-founder Gqi Raoleka. The bank will help supply Pele with its financing needs as they come up, Bloomberg noted.

According to Bloomberg, Pele plans to invest and increase its equity in a wind-farm project currently being built and is preparing to bid on a 2,000MW emergency renewable-energy program around August.

It also plans to participate in the fifth round of South Africa’s Renewable Energy Independent Power Producer Procurement Program, expected in 2021.

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“In the previous bidding rounds we managed to secure 900 megawatt in projects, without a financing partner,” said Pele’s Raoleka. “When the next round comes, we now have a big lender behind us that will enable the company to look at double the amount of projects we did previously.”