Prior to CIP acquisition of Mulilo, the company was awarded two projects, namely Mulilo Total Hydra Storage (“MTHS”) and Mulilo Total Coega (“MTC”) under the RMIPPPP. Both these projects were awarded based on significant South African shareholding thresholds, however post the CIP transaction Mulilo would no longer be able to fulfil these obligations and the decision was taken to carve out the RMIPPPP projects from the CIP transaction. The Independent Power Producers Office approved the carve out with the original Mulilo shareholders retaining all the shares in the carved out entity.

Today, Mulilo has no shareholding or interests in the awarded RMIPPP projects and these projects are completely independent, managed and controlled by the carved out entity.