Copenhagen Infrastructure Partners and Norfund enter partnership on Mulilo

The Norfund-managed Climate Investment Fund’s investment of USD 75 million in Mulilo, a leading South African developer of renewable energy projects and Independent Power Producer, is expected to further advance the ongoing rapid development of the renewable energy sector in South Africa

CAPE TOWN, South Africa and COPENHAGEN, Denmark, Nov. 13, 2025 (GLOBE NEWSWIRE) -- 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.

Notes for Editor
CIP’s New Markets Fund I (CI NMF I) is also marketed as CI GMF I as part of CIP’s Growth Markets Funds.

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield energy investments. The funds managed by CIP focus on investments in offshore and onshore wind, storage, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, advanced bioenergy, and Power-to-X.

CIP manages 13 funds and has to date raised approximately EUR 33 billion for investments in energy and associated infrastructure from more than 200 international institutional investors. CIP has projects in more 30 countries and more than 2,300 employees across platforms. For more information, visit www.cip.com

About Norfund
Norfund is the Norwegian Investment Fund for developing countries with a mission to create jobs and improve lives by investing in businesses that drive sustainable development. Owned and funded by the Norwegian Government, Norfund is the Government’s most important tool for strengthening the private sector in developing countries and reducing poverty. 

Norfund’s committed portfolio amounts to USD 3.8 billion, with investments across Sub-Saharan Africa, South/Southeast Asia, and Latin America. Additionally, Norfund manages the Norwegian Climate Investment Fund, which focuses on reducing or avoiding greenhouse gas emissions by investing in renewable energy in developing countries with large emissions from coal and other fossil fuel production. For more details, please visit: www.norfund.no

About Mulilo
Mulilo is a leading South African renewable energy developer and independent power producer, specialising in wind, solar, and battery storage projects. With a development pipeline exceeding 30 GW, Mulilo is dedicated to enhancing energy security and driving South Africa’s transition to a cleaner and more sustainable energy future. For more information, please visit www.mulilo.com

Media Contact

CIP media contact: media@cip.comNorfund media contact: pernille@norfund.no
Mulilo media contact: jome@mulilo.com