- Norfund invests $75 million in Mulilo Energy to expand its 5.5 GW renewable energy pipeline, with a financial close expected by 2027.
- Mulilo’s projects will supply clean power to 14 million households and cut 11 million tonnes of CO₂ annually.
Norfund, Norway’s development finance institution, will invest $75 million in Mulilo Energy Holdings to take a minority stake in the South African renewable energy developer. The investment will inject new capital into Mulilo as it moves into its next growth phase.
Copenhagen Infrastructure Partners (CIP) and its New Markets Fund I (CI NMF I) will remain major shareholders. The deal also gives CI NMF I additional funding to advance Mulilo’s expanded pipeline, which now stands at 5.5 GW. Mulilo expects all projects in the pipeline to reach financial close by the end of 2027.
Meanwhile, Mulilo has 765 MW of capacity under construction and plans to add another 1 GW in 2026. Its wind, solar, and battery storage projects are expected to avoid roughly 11 million tonnes of CO₂ per year and supply clean electricity to approximately 14 million South African households. Mulilo also funds community programmes in education, healthcare and small business development.
Additionally, CIP Partner Robert Helms noted that Norfund brings growth capital and credibility as a government-backed institution with a long-standing presence in South Africa’s energy sector. He said the partnership will accelerate the energy transition and strengthen local communities.
Norfund CEO Tellef Thorleifsson said the fund is investing because it believes Mulilo can deliver large-scale renewable projects that support South Africa’s shift to net-zero emissions.
Mulilo’s expansion aligns with South Africa’s Integrated Resource Plan 2025, which calls for a more resilient, low-carbon power system. The company aims to play a central role in the country’s long-term energy security through renewable generation.