Local renewable energy developer, Mulilo, has secured US$75 million (over R1 billion) in new investment from Norfund, the Norwegian investment fund for developing countries. The funding is channelled through Norfund’s Climate Investment Fund and follows the Copenhagen Infrastructure Partners (CIP) acquisition of a majority stake in Mulilo in 2023.
The investment strengthens Mulilo’s balance sheet as the independent power producer prepares to advance 5,5 GW of solar, wind and battery storage projects with financial close targeted before the end of 2027. It follows a R7 billion corporate facility from Standard Bank earlier this year.
According to Robert Helms, Partner at CIP, the investment reflects the platform’s progress since the fund manager entered the South African market through its New Markets Fund I. Norfund joins CIP as a key shareholder.
“Mulilo currently has 765 MW under construction and plans to add a further 1 GW to its construction portfolio during 2026. Its renewable energy projects are expected to deliver high climate impact and support long-term energy security under the Integrated Resource Plan 2025,” says Norfund’s CEO Tellef Thorleifsson.
