Copenhagen Infrastructure Partners and Norfund have entered a new partnership following Norfund’s $75 million investment in Mulilo Energy Holdings, one of South Africa’s leading renewable energy developers and Independent Power Producers. The investment positions Norfund as a minority shareholder, marking a pivotal moment for Copenhagen Infrastructure Partners and its New Markets Fund I, which remains a key investor in the company.
The partnership strengthens Mulilo’s ability to deliver on its significantly expanded pipeline, with Copenhagen Infrastructure Partners and Norfund committing to support Mulilo as it accelerates its growth into a major Independent Power Producer. Mulilo anticipates closing 5.5 GW of projects by the end of 2027, reflecting the rapid development of renewable energy across South Africa.
Norfund’s investment arrives during a period of heightened momentum for Mulilo. The company has 765 MW currently under construction and expects to add another 1 GW to its construction activities in 2026. Its portfolio of wind, solar, and BESS projects is designed to create substantial climate impact, with the potential to avoid around 11 million tonnes of CO₂ emissions each year and generate enough energy to power nearly 14 million South African households. Mulilo also continues to develop community programs focused on education, healthcare, and local business growth.
Mulilo’s mission aligns with South Africa’s goals for a cleaner and more resilient national energy system as detailed in the Integrated Resource Plan 2025. Through its investments, strong governance, and local market expertise, Mulilo is well-positioned to make a meaningful contribution to the country’s long-term energy security and renewable energy transition.
Copenhagen Infrastructure Partners’ New Markets Fund I, also known as CI GMF I, has played a central role in this expansion through its continued backing of Mulilo. Copenhagen Infrastructure Partners remains one of the leading global investors in greenfield renewable energy projects, with 13 funds under management and approximately EUR 33 billion raised since its founding in 2012. The firm’s global footprint now extends to more than 30 countries with a team of over 2,300 employees.
Norfund, which invests on behalf of the Norwegian Government to promote sustainable development and reduce poverty in emerging economies, manages a committed portfolio valued at $3.8 billion. The fund also oversees the Norwegian Climate Investment Fund, which focuses on reducing emissions by expanding renewable energy in developing markets.
Mulilo, which operates across wind, solar and battery storage, has built a development pipeline exceeding 30 GW. The company continues to expand its role at the center of South Africa’s transition toward a cleaner energy future.
KEY QUOTES
“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.”
Robert Helms, Partner in CIP
“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.”
Tellef Thorleifsson, CEO of Norfund
