Mulilo reaches financial close on 380MW solar PV project
Mulilo is backed by shareholders Copenhagen Infrastructure Partners and Norfund.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
Renewable energy developer and power producer Mulilo, backed by shareholders Copenhagen Infrastructure Partners and Norfund, has reached financial close on the Beaufort West Solar PV facility. It is one of South Africa’s largest utility-scale solar photovoltaic (PV) developments, located near Beaufort West in the Western Cape.
The facility will have an installed capacity of 380MW(DC), a contracted export capacity of 250MW(AC), and will connect to the Droërivier main transmission substation, enabling integration into the national grid.
This milestone marks Mulilo’s fourth project to reach financial close in 2026, following the successful closure of the Orkney Solar PV project in the North West Province, as well as the Middlepunt Solar PV and Mercury BESS projects in the Free State. With the addition of the Beaufort West Solar PV project, Mulilo has exceeded its target of deploying 1GW of renewable energy projects annually, bringing its total portfolio – across both operational and construction phases – to over 2GW.
Once operational, the facility is expected to generate about 818GWh of clean electricity annually, sold to commercial and industrial customers across South Africa through a multi-year power purchase agreement (PPA) with NOA, a South African renewable energy company that supplies businesses through wheeling and offtake agreements.
“The Beaufort West Solar PV project is Mulilo’s first renewable energy project in the Western Cape Province and stands as a testament to Mulilo’s unwavering commitment to driving South Africa’s energy transition. We are pleased to have worked alongside NOA to bring this project to financial close, with a shared commitment to quality and long-term value creation. By delivering reliable, clean power at scale, we are not only addressing the country’s immediate energy needs but also paving the way for a sustainable and prosperous future,” said Jan Fourie, chief executive officer of Mulilo.
Karel Cornelissen, group chief executive officer at NOA, commented: “Mulilo is a partner with a proven ability to deliver high-quality renewable projects, and this financial close reflects the strength of our collaboration and shared ambition. With this transaction, NOA’s diversified portfolio now approaches 1.5GW of generation capacity in construction and development across owned assets and strategic offtake partnerships, enabling us to connect reliable renewable energy to commercial and industrial customers that need certainty and long-term supply.”
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now