Norfund, the Norwegian government’s investment fund for developing countries, just announced a strategic $75 million investment. This funding will help catalyze the company Mulilo Energy Holdings, one of South Africa’s largest independent renewable energy developers. This latest investment cements Norfund’s place with a minority stake in Mulilo and continues a strong partnership track record between these two players. The new collaboration will fast-track clean energy solutions through the large-scale implementation of renewable technologies in both communities and across South Africa.
Mulilo Energy focuses on wind, solar and battery storage projects, with a development pipeline of more than 30 gigawatts (GW). The justice impacted company’s projects could create billion dollars in ecosystem wider reaching nationwide restoration benefits. They hope to avoid about 11 million tons of CO2 emissions annually. Mulilo is already building REIPPPP Round 4 renewable energy projects that will provide a whopping 765 megawatts (MW). By 2026, the company expects to expand its portfolio to 1.5 gigawatts (GW).
Expanding Renewable Capacity and Community Impact
The investment comes on the heels of a substantial $200 million investment from Copenhagen Infrastructure Partners (CIP) earlier this year. Jointly, both Norfund and CIP are very much looking forward to supporting Mulilo’s growth and helping to lead the transformation of South African and African renewable energy. That partnership has proven extraordinarily effective. As Bloomberg found, Mulilo has beaten all rivals to the punch by winning the most utility-scale battery projects in South Africa.
Norfund and CIP are collaborating to create a pipeline of 5.5 GW. They hope to achieve full financial closure on this project before the end of 2027. Combined, these projects are enough to electrify over 14 million South African households. Their service continues as they are helping to meet the nation’s energy needs.
Mulilo not only meets energy needs. It empowers surrounding communities. Their priorities are on expanding educational opportunities, increasing access to quality healthcare, and growing the business climate. This combined effort lets the development of renewable energy flourish. Not only that, it improves the quality of life for people who live in communities where these projects flourish.
Leadership Perspectives
Norfund CEO Tellef Thorleifsson beamed at their partnership with CIP and Mulilo. He described how important this investment is to South Africa’s burgeoning renewable energy landscape.
“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.” – Tellef Thorleifsson
CIP partner Robert Helms shared this sense of momentousness, pointing out that Norfund’s participation was historic.
“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.” – Robert Helms