South Africa’s fragile electricity system is set for a lift after Norfund, Norway’s state-owned development finance institution, committed $75 million (R1.3 billion) for a minority stake in Mulilo Energy Holdings.
The investment comes through Norfund’s Climate Investment Fund, advised by Standard Chartered, and follows Copenhagen Infrastructure Partners’ (CIP) $200 million injection in 2023.
Together, these commitments accelerate Mulilo’s push toward tier-one IPP status as it advances a sprawling 30 GW portfolio of wind, solar and battery storage projects.
Eskom’s prolonged load-shedding has drained more than R300 billion from the economy each year, and South Africa faces a renewables investment gap exceeding $100 billion.
Against that backdrop, Norfund’s capital gives Mulilo the momentum to steer 5.5 GW of projects to financial close by 2027.
If delivered, that package alone could avert 11 million tonnes of CO₂ annually and supply power to roughly 14 million households.
For a country aiming for net-zero by 2050, the backing signals international confidence in Mulilo’s ability to help close South Africa’s energy deficit.
Mulilo’s Rise: From Developer to IPP Powerhouse
Founded in 2008, Mulilo has grown from a niche renewables developer into a fully fledged Independent Power Producer with 450 MW of operating solar and wind assets in the Northern Cape.
Projects such as the 140 MW De Aar wind farm generate around 1.2 GWh each year, cementing Mulilo as a reliable contributor to the grid.
CIP’s majority acquisition in 2023 accelerated the company’s trajectory. The partnership expanded Mulilo’s capabilities, including offshore wind, and supported the buildout of a pipeline now exceeding 30 GW across more than 150 projects spanning wind, solar PV and battery storage.
At present, 765 MW is under construction, including the 75 MW Ukuqala solar plant for Air Products and three utility-scale battery projects awarded under the BESIPPPP.
Another 1.5 GW is approaching financial close, with an additional 1 GW scheduled for 2026. Mulilo balances public-sector tenders through the REIPPPP with private power purchase agreements, such as its 260 MW hybrid supply deal for Sasol’s Secunda operations.
An R7 billion ($400 million) facility from Standard Bank supports this expansion. The company has also invested over R200 million in community initiatives, from healthcare and education to public-works infrastructure, creating more than 1,000 jobs.
Leadership has been another catalyst. Jan Oberholzer, former COO of Eskom with more than three decades inside the utility, became Mulilo’s chair in September 2023.
After retiring, he consulted on major Eskom projects such as Koeberg and Kusile; his understanding of South Africa’s constrained transmission network now shapes Mulilo’s five-year, 5 GW growth strategy.
In a system where only 300 km of new transmission is built each year, his familiarity with grid obstacles provides a strategic edge.
Norfund: A Nordic Catalyst in Africa’s Energy Transition
Norfund, established in 1997 and funded by Norway’s Ministry of Foreign Affairs, has committed €1.5 billion across Africa, focusing on renewable energy, job creation and inclusion.
Its $1.5 billion Climate Investment Fund backs large-scale projects in emerging markets with the goal of supporting more than 100,000 jobs.
“We’re proud to partner with CIP and Mulilo to deploy large-scale renewables for net zero,” said CEO Tellef Thorleifsson, adding that the $75 million commitment reflects confidence in Mulilo’s platform.
CIP partner Robert Helms noted that Norfund’s involvement brings both growth capital and institutional credibility, strengthening the consortium’s energy-transition strategy.
The partnership blends Nordic stability and Danish investment scale with CIP targeting €100 billion in assets under management by 2030 and South African operational experience.
The combination helps de-risk large projects for commercial banks navigating currency volatility and shifting policy conditions.
The announcement drew swift attention online. Green Building Africa called it a “landmark USD 75 million investment” for independent power producers, while Business Insider Africa highlighted Mulilo’s 30 GW pipeline as a cornerstone in Africa’s evolving energy landscape.
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Unlocking the Pipeline: How the Capital Will Be Deployed
Norfund’s investment is earmarked for 5.5 GW of near-term projects, enabling Mulilo to reach financial close on key assets by 2027.
The funds will support equity bridges, scale battery-storage pilots, an area where Mulilo has become a market leader, and advance hybrid wheeling arrangements to supply industrial customers with renewable energy.
Longer term, the capital will help build out the entire 30 GW pipeline, with more than 20% allocated to battery storage to strengthen grid reliability in a system still dominated by coal.
Key Deployment Priorities
Project Acceleration:
Financing for 1 GW of new capacity in 2026, including bids for REIPPPP Bid Window 7 (6 GW in total).
Battery Storage Innovation:
Expansion of utility-scale storage, building on Mulilo’s three BESIPPPP awards, to enable round-the-clock supply and reduce curtailment.
Community Investment:
Scaling existing R200 million programmes from predator-proof bomas to vocational training supporting B-BBEE goals and long-term community partnerships.
Grid Enablement:
Advocacy for private participation in transmission development, leveraging Oberholzer’s background to unlock constrained nodes in regions such as the Eastern Cape.
Pipeline Snapshot
| Stage | Capacity | Tech Mix | Impact |
|---|---|---|---|
| Operational | 450 MW | Solar / Wind | Powers 1M homes; avoids 1M t CO₂ annually |
| Under Construction | 765 MW | Solar / Wind / BESS | Adds 2 GWh/year; supports 2M indirect jobs |
| Nearing Financial Close | 1.5 GW | Hybrid | Serves 5M households; cuts 4M t CO₂ |
| 2026 Additions | 1 GW | BESS-Focused | Strengthens grid stability |
| Full Pipeline | 30 GW+ | Wind / Solar / BESS | Powers 14M homes; avoids 11M t CO₂ annually |
Pro forma as of Q3 2025; based on Mulilo reports and IRENA benchmarks.
With load-shedding easing to an average of Stage 2 in Q4 2025 and Standard Bank’s R7 billion facility in place, Mulilo is positioned to expand its workforce by more than 10,000 jobs and extend equity ownership to underserved communities.
For South Africa’s 60 million people, it is a step toward reliable, sustainable power.
Mulilo Energy Holdings Overview
Mulilo Energy Holdings has become a major name in South Africa’s renewable energy space, and the company’s rapid growth has fuelled strong interest in Mulilo Energy Holdings vacancies across its solar, wind, and project development divisions.
Job-seekers exploring the company often browse the broader Mulilo Energy Holdings careers page to get a sense of available roles, skill requirements, and upcoming opportunities in both technical and corporate departments.
For young professionals entering the energy sector, the Mulilo Energy graduate programme has become a notable stepping stone, offering hands-on experience in engineering, operations, finance, and sustainability.
Students and community groups also frequently look into Mulilo sponsorship, as the company is known for supporting education and development initiatives in regions where it operates.
Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
