Mulilo and CIP secure over R1 billion investment from Norfund

Mulilo, a leading South African renewable energy developer and Independent Power Producer (IPP), on Thursday announced a$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.

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 Copenhagen Infrastructure Partners (CIP) and its New Markets Fund I as key shareholders, Mulilo said it is well-positioned to accelerate the delivery of 5.5 GW of its project pipeline, with financial close targeted before the end of 2027.

Mulilo’s CEO Jan Fourie said, “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.”

Robert Helms, a partner at CIP, said, “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 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.

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