Norfund, the Norwegian government’s development finance institution, has committed $75m to Mulilo Energy Holdings, a leading South African renewable energy developer and IPP active in wind, solar and battery storage. The investment gives Norfund a strategic minority stake and strengthens Mulilo’s ability to advance a fast-growing pipeline exceeding 30 GW of projects across South Africa.

The transaction positions Norfund alongside existing shareholder Copenhagen Infrastructure Partners (CIP), one of the world’s largest renewable energy fund managers, which invested $200m in Mulilo in 2023. With Norfund’s entry, the platform gains both growth capital and a government-backed partner with long-standing involvement in South Africa’s energy transition.

Scaling a multi-GW pipeline with strong visibility to financial close

According to the partners, the fresh capital will support the roll-out of a near-term 5.5 GW pipeline targeted for financial close by end-2027, combining utility-scale wind, solar PV and battery energy storage systems (BESS). Mulilo currently has 765 MW under construction, with plans to add a further 1 GW to its construction book in 2026, cementing its position among the most active IPPs in the country.

The developer has also become South Africa’s top performer in utility-scale battery tenders, according to Bloomberg, reflecting its integrated approach and competitive edge in hybrid renewables. The platform’s long-term pipeline spans a diversified portfolio aligned with South Africa’s urgent need for dispatchable, low-carbon capacity as load shedding persists.

Impact-driven capital aligned with South Africa’s energy security goals

For Norfund, the investment aligns with its mandate to accelerate clean energy deployment in developing markets. The institution has recently backed several South African players—including Pele Energy Group, H1 Capital, Anthem, and power trader Etana—as part of a broader strategy to unlock private capital for grid-scale renewables.

Norfund CEO Tellef Thorleifsson highlighted that the $75m commitment reflects strong confidence in Mulilo’s ability to execute large-scale projects that support South Africa’s transition to net zero. CIP partner Robert Helms noted that the partnership strengthens Mulilo’s ability to scale quickly while deepening its social impact footprint.

“Our USD 75 million commitment underlines our confidence in Mulilo’s ability to deliver large-scale projects that advance the transition to net zero,” said Norfund CEO Tellef Thorleifsson.

Mulilo estimates that its wind, solar and BESS portfolio could avoid up to 11 million tonnes of CO₂ annually and generate enough clean electricity to power 14 million households, alongside community programmes spanning education, healthcare and enterprise development.

A market positioned for utility-scale consolidation and acceleration

The deal underscores the continued momentum behind South Africa’s utility-scale renewables market, driven by structural electricity shortages, rising demand for firmed renewables, and the emergence of competitive private procurement models. With supportive regulatory shifts enabling wheeling and third-party PPAs, IPPs with large pipelines, strong balance sheets, and BESS capability—such as Mulilo—are attracting increasing interest from global infrastructure investors.

For Mulilo, the strengthened partnership between CIP and Norfund enhances both capital depth and institutional credibility. For South Africa, it signals renewed progress toward diversifying the energy mix and scaling dispatchable capacity critical to stabilising the grid.