Mulilo secures R1bn from Norfund to fast-track local clean energy transition

SA company in partnership with Norwegians

- By ESG Now reporter

Norway's development finance institution, Norfund, has committed $75-million (more than R1-billion) to Mulilo Energy Holdings, marking one of the most significant injections of foreign capital into South Africa's renewable-energy sector this year.

The investment gives Norfund a minority shareholding in Mulilo, joining Copenhagen Infrastructure Partners (CIP), already a key backer of the company.

The recently released Integrated Resource Plan 2025 (IRP2025) signals a decisive pivot toward variable renewable energy and storage, while the unbundling of Eskom and the emergence of private-market off-takers are reshaping how projects reach financial close.

The commitment will accelerate 5.5GW of wind, solar and battery-storage projects that Mulilo aims to bring to financial close by 2027, contributing directly to the new renewables trajectory and SA's efforts to reduce heavy dependence on coal.