Mulilo and CIP Secures $75 Million Investment from Norfund

Mulilo, a leading South African renewable energy developer and Independent Power Producer (IPP), announced a USD 75 million (over R1 billion) investment from Norfund, the Norwegian investment fund for developing countries. This strategic investment, managed through Norfund’s Climate Investment Fund, marks a significant milestone in Mulilo’s journey to deliver clean, reliable, and affordable energy to South Africa.

This achievement has been made possible through Mulilo’s strong partnership with Copenhagen Infrastructure Partners (CIP), one of the world’s largest fund managers dedicated to greenfield energy investments. Since CIP’s acquisition of a majority stake in Mulilo in 2023 through its New Markets Fund I, CIP has played a central role in strengthening Mulilo’s platform, expanding its project pipeline, and attracting high-quality international investors such as Norfund.

The new capital injection from Norfund will further strengthen Mulilo’s balance sheet and support the company’s ambitious growth strategy, following the recent R7 billion corporate facility from Standard Bank, which provided a robust financial foundation for expansion. With Norfund joining CIP and its New Markets Fund I as key shareholders, Mulilo is well-positioned to accelerate the delivery of 5.5 GW of its project pipeline, with financial close targeted before the end of 2027.

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. Mulilo’s wind, solar and BESS projects deliver high climate impact and are expected to avoid approximately 11 million tonnes of CO₂ emissions annually, power around 14 million South African households, and create significant socio-economic benefits through local job creation, education, healthcare, skills and enterprise development initiatives.

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 USD 75 million reflects our confidence in the platform’s ability to deliver large-scale renewable energy projects that support the transition to net zero.”

Mulilo remains committed to supporting the ambitions of South Africa’s Integrated Resource Plan 2025 (IRP 2025).  Through strategic investments, robust governance, and deep local expertise, Mulilo is well-positioned to lead South Africa’s energy transformation and deliver energy security from renewables.