Mulilo, one of South Africa’s leading renewable energy developers and independent power producers, has taken a major step forward in its mission to deliver cleaner and more reliable electricity. The company has secured a USD 75 million investment from Norfund, the Norwegian government’s fund dedicated to supporting sustainable development in emerging markets. Managed through Norfund’s Climate Investment Fund, the deal places Mulilo in a stronger position to drive large-scale renewable energy growth across the country. This announcement also reflects the deepening partnership between Mulilo and Copenhagen Infrastructure Partners (CIP), one of the world’s most influential fund managers in greenfield renewable energy. Since CIP acquired a majority stake in Mulilo in 2023, the firm has helped strengthen Mulilo’s operational platform, expand its development pipeline, and attract world-class investors—culminating in this latest backing from Norfund.
Strengthened Financial Backing Positions Mulilo for Rapid Expansion
One of the most notable elements of this milestone is how it builds on Mulilo’s growing financial momentum. The investment follows a R7 billion corporate facility secured from Standard Bank, giving the company a strong and stable foundation for long-term project delivery. With Norfund now joining CIP and its New Markets Fund I as key shareholders, Mulilo plans to accelerate the rollout of 5.5 GW from its project pipeline, with financial close targeted before the end of 2027. CIP partner Robert Helms highlighted the significance of the partnership, stating that welcoming Norfund “is a testament to the strength and potential of Mulilo, and the progress achieved.” He added that the investment not only supports growth but introduces a reputable government-backed partner with deep local experience—reinforcing Mulilo’s ability to support communities and deliver investor value. Mulilo’s CEO, Jan Fourie, echoed this sentiment, noting that CIP’s support over the years has helped position the company as a leading IPP capable of attracting top-tier global investors. He described Norfund’s investment as a strong vote of confidence in Mulilo’s vision and its proven record of delivering large-scale renewable projects that support South Africa’s energy transition and economic development.
Driving Energy Security, Climate Impact and Local Opportunities
Mulilo currently has 765 MW of renewable energy under construction and expects to add another 1 GW in 2026. These projects—spanning wind, solar, and Battery Energy Storage Systems—are designed with high climate and social impact in mind. According to the company, its developments are projected to avoid up to 11 million tonnes of CO₂ emissions annually while generating enough power for approximately 14 million households. These initiatives will also fuel job creation and support education, healthcare and local enterprise development.
For Norfund, the investment aligns with its mission to accelerate renewable energy deployment in Africa. CEO Tellef Thorleifsson described the USD 75 million commitment as a reflection of the fund’s confidence in Mulilo’s ability to deliver impactful renewable energy at scale and support South Africa’s transition to net-zero emissions. As the country pushes forward with the Integrated Resource Plan 2025, Mulilo’s strengthened financial capacity, robust governance and deep local expertise position it as a key player in shaping South Africa’s clean energy future.
