- Mulilo, a South African renewable energy developer majority owned by Danish investment firm Copenhagen Infrastructure Partners (CIP), has secured a landmark USD 75 million (over R1 billion) investment from Norfund, the Norwegian investment fund for developing countries.
- The investment, made through Norfund’s Climate Investment Fund, marks a significant milestone in Mulilo’s efforts to expand clean, reliable and affordable energy across South Africa.
CIP, which acquired its majority stake in Mulilo in March 2023 through its Growth Markets Fund I, has played a central role in strengthening the company’s platform, broadening its project pipeline and attracting high-quality international investors. The addition of Norfund as a strategic minority shareholder builds on this trajectory and signals strong international confidence in Mulilo’s growth strategy.
Robert Helms, Partner at CIP, noted that the partnership with Norfund reflects the significant progress the company has made. He said Norfund brings not only essential growth capital but also the credibility of a government-backed institution with deep experience in South Africa’s energy sector. He added that the partnership will help accelerate the country’s energy transition, support local communities and deliver strong value for investors.
The investment follows Mulilo’s recent R7 billion corporate facility from Standard Bank, providing the company with a robust financial foundation. With Norfund joining CIP and its New Markets Fund I as key investors, Mulilo is well positioned to accelerate delivery of its 5.5 GW project pipeline, with financial close targeted before the end of 2027. CEO Jan Fourie said the new investment reinforces Mulilo’s vision and its proven ability to deliver large-scale renewable projects that advance the country’s energy transition and stimulate sustainable economic growth.
Mulilo currently has 765 MW of renewable energy capacity under construction and plans to add an additional 1 GW to its construction portfolio in 2026. Its wind, solar and battery energy storage projects are projected to avoid approximately 11 million tonnes of CO₂ annually, power around 14 million households and generate significant socio-economic benefits through job creation and community development initiatives.
Norfund CEO Tellef Thorleifsson said the organisation is proud to join forces with CIP and Mulilo, adding that the USD 75 million commitment reflects their confidence in Mulilo’s ability to deliver impactful renewable energy projects that support South Africa’s transition to net zero.
Mulilo reaffirmed its commitment to supporting the ambitions outlined in South Africa’s Integrated Resource Plan 2025 (IRP 2025). With strong international backing, sound governance and deep local expertise, the company aims to take a leading role in advancing the nation’s renewable energy transformation.
Author: Bryan Groenendaal
