Danish investment firm Copenhagen Infrastructure Partners (CIP) has acquired a majority stake in South African renewable energy developer Mulilo Energy Holdings for an undisclosed sum.

CIP carried out the transaction through its Copenhagen Infrastructure New Markets Fund I (CI NMF I).

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The company will take full control of Mulilo, whose existing founders and management will remain onboard following the deal.

CIP partner and NMF I head Niels Holst said: “We are proud to have made CI NMF’s first ever investment in South Africa and in a platform company.

“Mulilo represents an attractive opportunity for CI NMF I to invest in a growing developer and we are certain that we can accelerate the positive trajectory of the company.

“CIP is committed to working closely with local stakeholders to rapidly deploy renewable energy projects in South Africa and make a positive contribution to the green transition, local employment and developing world leading capabilities in South Africa.”

Established in 2008 and based in Cape Town, Mulilo has developed 440MW worth of wind and solar projects.

The company has a pipeline of more than 25GW capacity of across onshore wind, solar photovoltaic and storage.

Mulilo co-founder and Board of Directors chairman Christopher Aberdein said: “Mulilo is very excited about the partnership with CIP.

“Our company has enjoyed sustained growth in the South African market since our founding in 2008, and we look forward to accelerating that trajectory in coming years.

“With CIP taking a majority equity position at Mulilo, it gives our company the necessary tools and financial backing to make an impact in the renewable energy landscape in Southern Africa.”

Completion of the deal is subject to regulatory and change of control approvals from the Competition Commission.

CIP recently partnered with India-based company Viviid Renewables to develop more than 1.8GW of renewable energy capacity in India.