Norway’s state-backed development finance institution, Norfund, has invested $75 million in Mulilo Energy Holdings, one of South Africa’s fastest-growing renewable energy companies.
The investment, made through the Norwegian Climate Investment Fund, is expected to accelerate the expansion of Mulilo’s solar, wind and battery storage portfolio.
Norfund, established in 1997 and owned by Norway’s Ministry of Foreign Affairs, said the deal reflects its growing commitment to supporting Africa’s clean energy transition.
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“Norfund is delighted with the opportunity to support Mulilo in their mission to lead South Africa’s energy transition,” said Mark Davis, Executive Vice President for Renewable Energy.
Mulilo currently operates 450 megawatts of renewable assets and has an ambitious development pipeline exceeding 30 gigawatts across solar, wind and energy storage.
With an additional 765 megawatts already under construction, the company is positioning itself as a key player in Africa’s fast-expanding green energy landscape.
Jan Oberholzer, former Chief Operating Officer of Eskom, has chaired Mulilo since 2023. His experience overseeing major energy projects—including the Koeberg Nuclear Power Station and the Kusile Coal Power Station—continues to shape the company’s growth strategy.
The deal was advised by Standard Chartered, while Standard Bank remains a major financial backer, having provided a $400 million corporate facility. Mulilo also counts Copenhagen Infrastructure Partners as an investor, underscoring its rising profile among global institutions betting on Africa’s energy transition.
