This achievement follows shortly after the company’s recent announcement of Commercial Close on the same project, reflecting strong delivery momentum.
The Mercury BESS project forms part of South Africa’s Battery Energy Storage Independent Power Producer Procurement Programme (BESSIPPPP) under Bid Window 2.
The financial close represents an important milestone in Mulilo’s expanding battery energy storage portfolio, which now comprises nine awarded BESS projects across Bid Windows 2 and 3, totalling approximately 3,508 MWh, in addition to its participation in the three Oasis BESS projects from Bid Window 1 that are already under construction. Collectively, these developments reinforce Mulilo’s position as a leading player in South Africa’s battery energy storage market.
Developed under a 15-year power purchase agreement with the National Transmission Company South Africa (NTCSA), the project underscores the critical role of battery storage in enabling a more flexible, reliable, and resilient electricity system. Once operational, the facility will connect to the Mercury Main Transmission Substation (MTS), strengthening grid stability and supporting the integration of renewable energy.
Strategically located in the Free State, the project enhances transmission infrastructure in a key corridor of South Africa’s central grid network, while also contributing to local economic development within the Moqhaka Local Municipality.
The progress achieved has been made possible through strong collaboration across the public and private sectors. Key stakeholders include the Department of Electricity and Energy, the Independent Power Producer Office (IPPO), NTCSA and Eskom, as well as Mulilo’s shareholders, Copenhagen Infrastructure Partners (CIP) and Norfund. Funding, legal and technical advisors include Standard Bank, Absa, Nedbank, Bowmans, ENS, Fasken, ARUP and Pepper Tree Capital.
The project brings together a strong consortium of partners, including Reatile as Mulilo’s BEE partner and a local community trust—demonstrating a collaborative model that advances broad-based participation and delivers lasting socio-economic value.
Commenting on the development, Mulilo CEO Jan Fourie said the financial close represents both a strategic and operational inflection point for the company:
“Achieving financial close on the Mercury BESS project demonstrates Mulilo’s ability to deliver key energy infrastructure at pace. As battery storage becomes an increasingly important part of South Africa’s energy mix, projects like Mercury will play a key role in strengthening grid stability and supporting the continued growth of renewable energy.
It also reflects the success of South Africa’s procurement programme in attracting investment and enabling projects that deliver meaningful impact. We are proud to contribute to this progress and to help build a more stable and resilient power system.
We remain grateful to all our shareholders, partners and stakeholders for their continued support in making this possible.”
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
For more information or media inquiries, please contact:
John Messiahs
Director: Corporate Affairs