This achievement has been made possible through Mulilo’s strong partnership with Copenhagen Infrastructure Partners (CIP), one of the world’s largest fund managers dedicated to greenfield energy investments. Since CIP’s acquisition of a majority stake in Mulilo in 2023 through its New Markets Fund I, CIP has played a central role in strengthening Mulilo’s platform, expanding its project pipeline, and attracting high-quality international investors such as Norfund.
The new capital injection from Norfund will further strengthen Mulilo’s balance sheet and support the company’s ambitious growth strategy, following the recent R7 billion corporate facility from Standard Bank, which provided a robust financial foundation for expansion. With Norfund joining CIP and its New Markets Fund I as key shareholders, Mulilo is well-positioned to accelerate the delivery of 5.5 GW of its project pipeline, with financial close targeted before the end of 2027.
Robert Helms, Partner at CIP, commented:
“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.”
Mulilo’s CEO Jan Fourie added:
“We are delighted to welcome Norfund as a strategic partner. The support from CIP has been instrumental in positioning Mulilo as a leading IPP and attracting world-class investors. This investment is a testament to the confidence in Mulilo’s vision and our proven ability to deliver large-scale renewable energy projects that advance South Africa’s energy transition, support local communities, and drive sustainable economic growth.”
Mulilo currently has 765 MW under construction and plans to add a further 1 GW to its construction portfolio in 2026. Mulilo’s wind, solar and BESS projects deliver high climate impact and are expected to avoid approximately 11 million tonnes of CO₂ emissions annually, power around 14 million South African households, and create significant socio-economic benefits through local job creation, education, healthcare, skills and enterprise development initiatives.
Norfund’s CEO, Tellef Thorleifsson, said:
“Norfund is proud to join forces with CIP and Mulilo in this landmark investment that will accelerate the deployment of renewable energy across South Africa. Our commitment of USD 75 million reflects our confidence in the platform’s ability to deliver large-scale renewable energy projects that support the transition to net zero.”
Mulilo remains committed to supporting the ambitions of South Africa’s Integrated Resource Plan 2025 (IRP 2025). Through strategic investments, robust governance, and deep local expertise, Mulilo is well-positioned to lead South Africa’s energy transformation and deliver energy security from renewables.
About Mulilo
Mulilo is a leading South African renewable energy developer and independent power producer, specialising in wind, solar, and battery storage projects. With a development pipeline exceeding 30 GW, Mulilo is dedicated to driving South Africa’s transition to a cleaner and more sustainable energy future. For more information, please visit www.mulilo.com
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield energy investments. The funds managed by CIP focus on investments in offshore and onshore wind, storage, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, advanced bioenergy, and Power-to-X.
CIP manages 13 funds and has to date raised approximately EUR 33 billion for investments in energy and associated infrastructure from more than 200 international institutional investors. CIP has projects in more 30 countries and more than 2,300 employees across platforms. For more information, visit www.cip.com
About Norfund
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty.
Norfund’s committed portfolio amounts to USD 3.8 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Additionally, Norfund manages the Norwegian Climate Investment Fund, which focuses on reducing or avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production. For more details, please visit: www.norfund.no
Media Contacts:
Mulilo media contact: jome@mulilo.com
CIP media contact: media@cip.com
Norfund media contact: pernille@norfund.no