Standard Bank supports financial close of Mulilo’s Middlepunt Solar PV project
Mulilo is backed by Copenhagen Infrastructure Partners and Norfund.
By Standard Bank
Standard Bank worked alongside Mulilo Energy and its partners to achieve financial close on the Middlepunt Solar PV project, a landmark Renewable Energy Independent Power Producers Procurement Programme (REIPPPP) Bid Window 7 project that strengthens South Africa’s clean energy infrastructure. We supported the project through structured financing aligned to country’s long‑term sustainability objectives.
The Middlepunt Solar PV project, located near Welkom in the Free State Province, represents a significant milestone as the first Renewable Energy Independent Power Producers Procurement Programme (REIPPPP) Bid Window 7 project to reach financial close. Developed by Mulilo Energy, with shareholders Copenhagen Infrastructure Partners and Norfund, alongside co‑sponsors the Reatile Group and Perpetua, the project reflects strong confidence in South Africa’s renewable energy framework.
Standard Bank was appointed as co-mandated lead arranger, lender, co-hedging bank and guarantee issuer, providing senior and subordinated debt facilities of R1.42 billion (about $86.5 million), together with ancillary funding of R841.5 million (about $51.3 million).
Once operational, the project is expected to generate approximately 770 gigawatt hours of clean electricity annually, avoiding an estimated 813,000 tonnes of carbon dioxide‑equivalent emissions each year and supplying power to around 325,000 households. Electricity supplied to the national grid is priced at ZAR 458 (about $33) per megawatt hour, making it among the most cost‑effective renewable energy solutions globally.
This deal underscores our commitment to supporting South Africa’s just energy transition through collaborative public‑private partnerships that drive sustainable economic growth.