Norfund is investing $75m in Mulilo Energy Holdings, a South African renewable energy developer and independent power producer, specialising in wind, solar, and battery storage projects.
Owned and funded by the Norwegian government, Norfund is an investment fund for developing countries.
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The investment gives Norfund a minority interest in the South African business and provides new capital for Mulilo’s development pipeline of over 30GW.
Backed by Copenhagen Infrastructure Partners (CIP), Mulilo seeks to improve energy security and drive South Africa’s transition to a cleaner and more sustainable energy future.
CIP and Norfund will jointly support Mulilo’s transformation, backing a near-term pipeline of 5.5GW targeted to reach financial close before the end of 2027.
Mulilo’s portfolio currently includes 765MW under construction, with plans to add another 1GW to its construction portfolio in 2026.
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By GlobalDataIn 2023, Mulilo received a $200m investment from CIP and has since won more utility-scale battery projects in South Africa than any other competitor, according to Bloomberg.
CIP partner Robert Helms 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’s wind, solar and battery energy storage system projects are expected to avoid around 11 million tonnes of carbon dioxide emissions annually.
Together these projects could power roughly 14 million South African households, and uplift local communities through education, healthcare, and business development initiatives.
Norfund has recently invested in several South African companies, including Pele Energy Group, H1 Capital, Anthem, and electricity trader Etana.
Norfund CEO Tellef Thorleifsson said: “Norfund is proud to join forces with Copenhagen Infrastructure Partners and Mulilo’s founders and local partners in this landmark investment that will accelerate the deployment of renewable energy across South Africa.
“Our commitment of $75m reflects our confidence in the platform’s ability to deliver large-scale renewable energy projects that support the transition to net zero.”
