South African Developer Mulilo bags $75 Million Equity Funding From Norfund

South African renewable energy developer Mulilo has scored a $75 million funding from Norfund, the Norwegian investment fund for developing countries.  Norfund is investing in Mulilo Energy Holdings (Mulilo), providing new capital and taking a minority ownership position in the company. The transaction marks a significant milestone for Copenhagen Infrastructure Partners (CIP) and the investors in its New Markets Fund I (CI NMF I), which remains a key shareholder in Mulilo. CIP, between all its funds, acquired a majority stake in Mulilo in 2023. Established in 2008, Mulilo has emerged as a key player in South Africa's renewable plans. 

CIP and Norfund will jointly support Mulilo’s ongoing transformation into a tier-one Independent Power Producer, with a robust near-term pipeline of 5.5 GW comprising wind, solar and storage expected to reach financial close before the end of 2027.

Norfund’s investment comes at a time of strong momentum for Mulilo, which currently has 765 MW under construction and plans to add a further 1 GW to its construction portfolio in 2026. Mulilo’s wind, solar and BESS projects deliver high climate impact and are expected to avoid approximately 11 million tonnes of CO₂ emissions annually.

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield energy investments. The funds managed by CIP focus on investments in offshore and onshore wind, storage, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, advanced bioenergy, and Power-to-X.

CIP manages 13 funds and has to date raised approximately EUR 33 billion for investments in energy and associated infrastructure from more than 200 international institutional investors. CIP has projects in more 30 countries and more than 2,300 employees across platforms. 

About Norfund
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. 

Norfund’s committed portfolio amounts to USD 3.8 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Additionally, Norfund manages the Norwegian Climate Investment Fund, which focuses on reducing or avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production.