At a Glance
- Mulilo secures $75 million from Norfund for renewable energy projects.
- Investment supports 5.5 GW target, job creation, and emissions reduction.
- Global investors signal confidence in South Africa’s renewable energy market.
Mulilo, a South African renewable energy developer, has raised $75 million (R1 billion) from Norfund, Norway’s investment fund for developing countries.
The capital, routed through Norfund’s Climate Investment Fund, will bolster Mulilo’s capacity to scale renewable energy projects across South Africa.
The funding builds on a recent R7 billion ($411.8 million) corporate facility from Standard Bank, giving the company a solid financial base to advance its clean energy goals.
Mulilo aims to develop 5.5 gigawatts of renewable energy projects by 2027, covering wind, solar, and battery storage technologies.
Global backing signals confidence
Copenhagen Infrastructure Partners (CIP), which took a majority stake in Mulilo last year through its New Markets Fund I, has played a key role in attracting international investors like Norfund.
CIP has helped expand Mulilo’s project pipeline and strengthen its position as a leading independent power producer in South Africa.
“Welcoming Norfund as a strategic minority investor reflects the confidence the market has in Mulilo,” said Robert Helms, a partner at CIP. “This partnership supports South Africa’s energy transition, benefits local communities, and provides value to investors.”
Mulilo CEO Jan Fourie noted that the investment underscores the company’s ability to deliver large-scale renewable projects that drive economic growth and sustainability.
Renewable expansion creates jobs and cuts emissions
Currently, Mulilo has 765 megawatts under construction and expects to add another 1 gigawatt to its portfolio in 2026.
Its projects are projected to reduce approximately 11 million tons of carbon dioxide emissions annually, supply power to around 14 million households, and generate meaningful socio-economic impact through local job creation, education, and health initiatives.
“This partnership will accelerate renewable energy deployment in South Africa while supporting employment and the transition to net zero,” said Tellef Thorleifsson, CEO of Norfund.
A track record of public and private partnerships
Since 2008, Mulilo has built credibility in both public and private sectors, signing multiple power purchase agreements with corporate clients and the Department of Mineral Resources and Energy under the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).
Norfund’s investment reflects confidence not only in Mulilo’s platform but also in South Africa’s growing renewable energy market.
