Copenhagen Infrastructure Partners And Norfund Form New Partnership On Mulilo To Accelerate Development Of 5.5 GW Of Renewable Energy Projects In South Africa

Norfund, the Norwegian investment fund focused on developing countries, is investing USD 75 million in Mulilo Energy Holdings. This investment will give Norfund a minority ownership in the company and provide Mulilo with new capital to support its next phase of growth. The transaction is an important milestone for Copenhagen Infrastructure Partners (CIP) and the investors in its New Markets Fund I (CI NMF I), who will continue as key shareholders.

Through this partnership, CI NMF I has secured additional funding to advance Mulilo’s significantly expanded project pipeline. CIP and Norfund will work together to support Mulilo’s development into a top-tier Independent Power Producer. Mulilo has built a strong near-term pipeline of 5.5 GW, with all these projects expected to reach financial close by the end of 2027.

The investment comes at a time when Mulilo is experiencing strong progress. The company currently has 765 MW of renewable energy capacity under construction and intends to add another 1 GW to its construction portfolio in 2026. Mulilo’s wind, solar, and battery energy storage projects are designed to drive meaningful climate impact. Collectively, these projects are expected to avoid around 11 million tonnes of CO₂ emissions each year, supply clean electricity to approximately 14 million South African households, and support community development through education, healthcare, and business initiatives.

Robert Helms, Partner at CIP, said that the team is pleased to welcome Norfund as a strategic minority investor. He highlighted that Norfund brings valuable growth capital along with strong credibility as a government-backed institution with deep experience in South Africa’s energy sector. He emphasized that the partnership will help accelerate the energy transition, strengthen local communities, and create long-term value for investors.

Norfund’s CEO, Tellef Thorleifsson, stated that Norfund is proud to join forces with CIP, Mulilo’s founders, and local partners in this major investment. He explained that Norfund’s USD 75 million commitment reflects confidence in Mulilo’s ability to deliver large-scale renewable energy projects that will contribute to South Africa’s transition to net-zero emissions.

Mulilo’s efforts are closely aligned with South Africa’s objectives for a more sustainable and resilient energy system, as outlined in the Integrated Resource Plan 2025. With strong governance, strategic investments, and deep local expertise, the company is well positioned to play a leading role in South Africa’s clean energy transformation and support long-term energy security through renewable power.