South Africa's Mulilo secures $75m from Norfund
The company has been expanding its project pipeline following an earlier investment by Copenhagen Infrastructure Partners.
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Mulilo, a South African renewable energy developer and independent power producer (IPP), has announced a $75 million investment from Norfund.
The company has been expanding its project pipeline following Copenhagen Infrastructure Partners’ (CIP) acquisition of a majority stake in 2023 through its New Markets Fund I. CIP has been involved in strengthening Mulilo’s platform and in helping to draw interest from international investors such as Norfund.
The new capital injection from Norfund will further strengthen Mulilo’s balance sheet and support the company’s growth strategy, following the recent R7 billion (about $409 million) corporate facility from Standard Bank.
Robert Helms, partner at CIP, commented: “We are very pleased to welcome Norfund as a strategic minority investor in Mulilo. This partnership is a testament to the strength and potential of Mulilo, and the progress achieved. Norfund’s investment not only provides valuable growth capital but also brings a highly reputable, government-backed partner with deep experience in the South African energy sector. Together, we will continue to accelerate the energy transition, support local communities, and deliver strong value for our investors.”
Mulilo’s CEO Jan Fourie added: “We are delighted to welcome Norfund as a strategic partner. The support from CIP has been instrumental in positioning Mulilo as a leading IPP and attracting world-class investors. This investment is a testament to the confidence in Mulilo’s vision and our proven ability to deliver large-scale renewable energy projects that advance South Africa’s energy transition, support local communities, and drive sustainable economic growth.”
Mulilo currently has 765 MW under construction and plans to add a further 1 GW to its construction portfolio in 2026.
Norfund’s CEO, Tellef Thorleifsson, said: “Norfund is proud to join forces with CIP and Mulilo in this landmark investment that will accelerate the deployment of renewable energy across South Africa. Our commitment of $75 million reflects our confidence in the platform’s ability to deliver large-scale renewable energy projects that support the transition to net zero.”
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