The transaction positions Norfund as a minority shareholder in Mulilo, reinforcing the firm’s financial strength and accelerating its growth trajectory.

Mulilo, which develops large-scale wind, solar and battery energy-storage projects in South Africa, is backed by leading Danish fund manager Copenhagen Infrastructure Partners (CIP).

After CIP acquired a majority stake in Mulilo in 2023 via its New Markets Fund I, it has helped bolster Mulilo’s platform, broaden its project pipeline and attract international capital—including the recent injection from Norfund.

The Norfund investment comes on top of a prior corporate facility of approximately ZAR 7 billion (roughly US $409 million) arranged by Standard Bank.

Together, these financial moves are intended to strengthen Mulilo’s balance sheet and support its ambition to scale rapidly.

Mulilo currently has around 765 MW of capacity under construction and plans to boost its construction portfolio by an additional 1 GW in 2026.

Its near-term pipeline is estimated at about 5.5 GW, which the company aims to bring to financial close before the end of 2027.

On the environmental and socio-economic front, Mulilo’s projects are expected to avoid approximately 11 million tonnes of CO₂ emissions annually, power around 14 million South African households, and deliver local benefits in jobs, enterprise development, education and healthcare.

In a statement, CIP partner Robert Helms said Norfund’s entry is “a testament to the strength and potential of Mulilo” and pointed out that Norfund not only supplies growth capital but also brings a “highly reputable, government-backed partner with deep experience in the South African energy sector.”

Mulilo’s CEO Jan Fourie welcomed the investment, describing it as evidence of confidence in Mulilo’s vision and proven delivery capability in large-scale renewables that support South Africa’s energy transition, communities and sustainable growth.

From Norfund’s side, CEO Tellef Thorleifsson remarked: “Our US $75 million commitment reflects our confidence in the platform’s ability to deliver large-scale renewable energy projects that support the transition to net-zero.”

The deal also underscores the broader momentum behind South Africa’s renewables sector, aligning with the country’s Integrated Resource Plan 2025 (IRP 2025), which envisages a cleaner, more resilient and diversified energy system.