Copenhagen Infrastructure Partners (CIP) and Norwegian investment fund Norfund have formed a partnership on South African renewable developer Mulilo, with Norfund committing USD 75 million to take a minority stake in the company.
The investment provides new capital while CIP’s New Markets Fund I remains a key shareholder. CIP said the deal secures funding to support Mulilo’s significantly expanded project pipeline, which currently totals 5.5 gigawatts (GW) and is expected to reach financial close by the end of 2027.
Mulilo currently has 765 megawatts (MW) under construction and plans to add a further 1GW to its construction portfolio in 2026. Its wind, solar, and battery storage projects are projected to avoid around 11 million tonnes of CO₂ emissions annually, provide electricity to approximately 14 million South African households, and support local communities through education, healthcare, and business initiatives.
“We are very pleased to welcome Norfund as a strategic minority investor in Mulilo,” said Robert Helms, partner at CIP. “This partnership is a testament to the strength and potential of Mulilo, and the progress achieved.”
Helms added that Norfund brings “a highly reputable, government-backed partner with deep experience in the South African energy sector” and said the partnership aims to accelerate the energy transition while delivering value for investors.
Tellef Thorleifsson, CEO of Norfund, said: “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 said the partnership aligns with South Africa’s Integrated Resource Plan 2025, supporting the country’s ambitions for a cleaner, more resilient energy system. The company added that its strategic investment approach, governance, and local expertise position it to lead the country’s renewable energy transformation and enhance energy security.
