Norfund Invests USD 75 Million in Mulilo Energy Holdings to Accelerate South Africa’s Renewable Expansion

Norfund, the Norwegian Investment Fund for developing countries, has announced a USD 75 million investment in Mulilo Energy Holdings (Mulilo), taking a minority ownership position in the company. The investment marks a major milestone for Copenhagen Infrastructure Partners (CIP) and its New Markets Fund I (CI NMF I), which remains a key shareholder in Mulilo.

The new partnership between Norfund and CIP will strengthen Mulilo’s financial capacity, supporting the company’s transformation into a tier-one Independent Power Producer (IPP). The collaboration will enable the advancement of Mulilo’s 5.5 GW project pipeline, expected to reach financial close by the end of 2027.

Norfund’s entry comes amid strong growth momentum for Mulilo, which currently has 765 MW under construction and plans to add 1 GW more in 2026. Mulilo’s portfolio—spanning wind, solar, and battery energy storage systems (BESS)—is expected to deliver substantial environmental and social impact, including the avoidance of around 11 million tonnes of CO₂ emissions annually, power generation for approximately 14 million South African households, and community support through education, healthcare, and business development programs.

“We are very pleased to welcome Norfund as a strategic minority investor in Mulilo,” said Robert Helms, Partner at Copenhagen Infrastructure Partners. “This partnership reflects the strength and potential of Mulilo, while Norfund’s government-backed expertise adds credibility and growth capital to drive South Africa’s clean energy transition.”

Tellef Thorleifsson, CEO of Norfund, added, “We are proud to join forces with CIP and Mulilo’s local partners in this landmark investment that will accelerate renewable energy deployment across South Africa. Our USD 75 million commitment underlines our confidence in Mulilo’s ability to deliver large-scale projects that advance the transition to net zero.”

Mulilo’s expanding portfolio aligns with South Africa’s Integrated Resource Plan 2025 (IRP 2025), which envisions a cleaner, more resilient, and diversified energy system. With strong financial backing, strategic partnerships, and local expertise, Mulilo is positioned to play a leading role in driving South Africa’s renewable energy transformation and energy security.