Norfund, the Norwegian investment fund for developing countries, is investing USD 75 million 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. 

Through the partnership with Norfund, CI NMF I has secured additional funding for Mulilo’s significantly expanded project pipeline. 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 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, power around 14 million South African households, and support local communities through education, healthcare, and business development initiatives.

Robert Helms, Partner in CIP says: 
“We are very pleased to welcome Norfund as a strategic minority investor in Mulilo. This partnership is a testament to the strength and potential of Mulilo, and the progress achieved. Norfund’s investment not only provides valuable growth capital but also brings a highly reputable, government-backed partner with deep experience in the South African energy sector. Together, we will continue to accelerate the energy transition, support local communities, and deliver strong value for our investors.”

Tellef Thorleifsson, CEO of Norfund says: 
“Norfund is proud to join forces with Copenhagen Infrastructure Partners and Mulilo’s founders and local partners in this landmark investment that will accelerate the deployment of renewable energy across South Africa. Our commitment of USD 75 million reflects our confidence in the platform’s ability to deliver large-scale renewable energy projects that support the transition to net zero.”

Mulilo actively supports South Africa’s ambition for a cleaner, diverse and more resilient energy system, as outlined in the Integrated Resource Plan 2025 (IRP 2025). Through strategic investments, robust governance, and deep local expertise, Mulilo is well-positioned to lead South Africa’s energy transformation and deliver energy security from renewables.

KeyFacts Energy Industry Directory: Copenhagen Infrastructure Partners