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Mulilo

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Mulilo Energy Holdings
TypePrivate
IndustryRenewable energy, independent power production
Founded2008; 18 years ago (2008)
FoundersJohnny Cullum
Chris Aberdein
Headquarters
Cape Town
,
South Africa
Area served
South Africa
Key peopleJan Oberholzer (Chairman)
Jan Fourie (CEO)
ProductsOnshore wind, solar PV, battery energy storage
OwnersCopenhagen Infrastructure Partners (majority, via CI New Markets Fund I)
Norfund (minority)
Founders and management
Websitemulilo.com

Mulilo Energy Holdings, commonly known as Mulilo, is a South African renewable energy developer and independent power producer (IPP) headquartered in Cape Town. Founded in 2008, the company develops, finances, builds, owns and operates onshore wind, solar photovoltaic (PV) and battery energy storage system (BESS) projects. Mulilo has participated in South Africa's public procurement programmes for renewable energy since the first bidding round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) and has also developed projects for private and corporate off-takers.[1][2]

Since March 2023 the company has been majority owned by the Danish fund manager Copenhagen Infrastructure Partners (CIP), which acquired its stake through the Copenhagen Infrastructure New Markets Fund I (CI NMF I).[3] The Norwegian development finance institution Norfund became a minority shareholder in November 2025.[4] As of 2025–2026 the company reported approximately 448 MW of operational wind and solar capacity, more than 2 GW of projects in operation or under construction, and a long-term development pipeline exceeding 30 GW.[5][6]

Mulilo has been the largest single winner of capacity in South Africa's Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP): by mid-2025 it had participated in 12 of the 18 projects awarded across the programme's first three bid windows and taken a lead role in nine of them.[7]

History

[edit]

Founding and early REIPPPP rounds (2008–2016)

[edit]

Mulilo was founded in 2008 by Johnny Cullum and Chris Aberdein.[8] Cullum, who had previously built the construction company CSV Construction, was chief executive from the company's inception, while Aberdein was chairman.[9]

The company was an early participant in the REIPPPP, the competitive tender programme launched by the Department of Energy in 2011. Mulilo partnered two solar PV projects in the first bid window – Mulilo Renewable Energy Solar PV Prieska and Mulilo Renewable Energy Solar PV De Aar, both in the Northern Cape – which were completed and feeding electricity into the national grid by early 2015.[1]

In the third REIPPPP bid window Mulilo, together with partners, secured four further Northern Cape projects with a combined capacity of 385 MW and a reported combined value of R8.8 billion. These comprised two 75 MW solar PV plants near Prieska – the Mulilo Prieska PV project, developed with Total, Calulo Renewable Energy, the Industrial Development Corporation, Futuregrowth Asset Management and a community trust, and the Mulilo Sonnedix Prieska project, developed with Sonnedix – and two wind farms of 139 MW and 96 MW north and south-west of De Aar, constructed by Longyuan Engineering South Africa. All four reached financial close in late 2014 and early 2015.[1] The Prieska solar plant and the De Aar wind farms entered commercial operation in 2016.[10]

Corporate power purchase agreements (2023–2024)

[edit]

As South Africa liberalised its electricity market and large corporates began procuring renewable power directly, Mulilo moved into the private off-take segment. In February 2023, Sasol and Air Liquide signed two power purchase agreements (PPAs) with TotalEnergies and its partner Mulilo for the long-term supply of 260 MW of renewable electricity to Sasol's Secunda complex, where Air Liquide operates the world's largest oxygen production site.[11] The agreements covered a 140 MW wind farm (Mulilo De Aar 2 South) and a 120 MW solar PV plant (Paarde Valley PV2), both near De Aar.[12]

The consortium – owned 33.5% by TotalEnergies, 15.5% by Mulilo and 51% by the Reatile Group – reached financial close and started construction in November 2024 at a reported cost of R7.5 billion, with electricity to be wheeled through the national grid over a 20-year term. The projects connect to the Kestrel Main Transmission Substation, developed by Mulilo and TotalEnergies under a self-build agreement and to be handed over to Eskom on completion.[13] Debt was provided by Standard Bank, Absa and Nedbank.[14]

Separately, the Mulilo Total Hydra Storage project – a 75 MW hybrid solar-plus-storage facility at De Aar bid by a TotalEnergies-led consortium under the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) – reached financial close in December 2023.[15]

Acquisition by Copenhagen Infrastructure Partners (2023)

[edit]

On 9 March 2023, Copenhagen Infrastructure Partners announced that it had acquired a majority shareholding in Mulilo Energy Holdings through CI NMF I, with the founders and existing management retaining minority stakes and remaining in the business. Financial terms were not disclosed. At the time of the transaction Mulilo reported an approximately 8% share of the South African renewable energy market, 440 MW of operating wind and solar capacity, and a development pipeline exceeding 25 GW. The deal was CI NMF I's first investment in South Africa and its first platform investment, and was subject to approval by the Competition Commission.[3][16] Completion followed in July 2023.[9] The technology news website MyBroadband later reported that CIP had acquired an 87% stake for more than US$200 million.[9]

Leadership transition (2023–2024)

[edit]

In September 2023 Mulilo appointed Jan Oberholzer, the former chief operating officer of Eskom, as chairman and non-executive director, succeeding co-founder Chris Aberdein.[2] In January 2024 the company announced that Jan Fourie, previously executive vice-president for renewable energy at the Norwegian developer Scatec, would succeed Johnny Cullum as chief executive. Cullum stepped down in May 2024 but remained a board member and shareholder.[2][17] Fourie, an electrical engineer with an MBA and 17 years' experience in the African power sector, took office on 1 May 2024.[8]

Expansion (2024–2026)

[edit]

Following the CIP acquisition, Mulilo set a target of bringing 5 GW of renewable energy and storage projects into construction and operation by 2028.[2] Over the twelve months to March 2025 the company closed some 660 MW of new projects, adding to an operational portfolio of about 420 MW.[18]

In March 2025, Mulilo and H1 Capital reached financial close on the 75 MW Du Plessis Dam Solar PV2 facility near De Aar, which supplies about 248 GWh a year to the licensed energy trader Etana Energy under an "aggregator" model in which a trader sells wheeled renewable electricity to multiple end customers. It was described as the first project to use Etana's guarantee facilities, including a R1 billion payment guarantee facility with Standard Bank and a preference-share investment from Norfund and Standard Bank. The plant is one of four Mulilo facilities connected to the Kestrel Main Transmission Substation.[18]

In September 2025, Standard Bank agreed a corporate "Equity HoldCo Facility" for Mulilo with an initial commitment of R1.1 billion and headroom for a further R5.9 billion, for a total potential commitment of R7 billion (approximately US$400 million). Unlike project-specific finance, the facility was structured to fund equity commitments and guarantees across the company's pipeline of REIPPPP, BESS and private off-take projects.[19][20]

In November 2025, Norfund announced a US$75 million (over R1 billion) investment in Mulilo through its Climate Investment Fund, becoming a strategic minority shareholder alongside CIP. At the time the company reported 765 MW under construction, a target of adding roughly 1 GW to its construction portfolio in 2026, and an ambition to bring 5.5 GW of its near-term pipeline to financial close by the end of 2027.[4][21] Standard Chartered advised Norfund on the transaction.[5]

During the first half of 2026 Mulilo reached financial close on five projects: the Orkney solar PV project in North West; the 76 MW/304 MWh Mulilo Mercury BESS near Viljoenskroon in the Free State; the 337 MWDC Middlepunt solar PV plant near Welkom; the 380 MWDC Beaufort West solar PV facility in the Western Cape; and the 77 MW/308 MWh Hartebeesfontein BESS near Klerksdorp.[6][22] With the Beaufort West close in April 2026 the company stated that it had exceeded its target of deploying 1 GW of new projects a year and that its combined operational and under-construction portfolio exceeded 2 GW.[6] At the South Africa Investment Conference 2026 the company announced an investment commitment of nearly R15 billion to fund three large-scale solar PV projects and a BESS totalling 716 MW of export capacity.[23]

Battery energy storage

[edit]

Mulilo has been the most successful bidder in South Africa's BESIPPPP, the government programme launched in 2023 to procure grid-connected battery storage at Eskom substations under 15-year agreements providing capacity, energy and ancillary services.[24]

  • Bid Window 1 (2023–2024): In November 2023 the Department of Mineral Resources and Energy named the Oasis consortium – led by EDF Renewables with Mulilo as co-sponsor and Pele Energy Group and Gibb-Crede as equity partners – preferred bidder for three of the five projects awarded: Oasis Aggeneis, Oasis Mookodi and Oasis Nieuwehoop, together 257 MW/1,028 MWh, at an estimated cost of more than R7 billion.[24][25] All three reached financial close in November 2024, with commissioning expected within 24 months.[26]
  • Bid Window 2 (2024–2026): In December 2024 the Department of Electricity and Energy announced eight preferred bidders for 615 MW/2,460 MWh of storage at substations in the North West supply area, each project sized at approximately 77 MW with four hours of storage. Mulilo secured five of the eight projects, including Mulilo Mercury, Hartebeesfontein, Welverdiend and Leeuwpoort.[27][22] Mulilo Mercury (76 MW/304 MWh, R1.4 billion, lithium iron phosphate technology) became the first Bid Window 2 project to reach financial close, in April 2026, and Hartebeesfontein followed in June 2026 with debt from Absa, Standard Bank and Nedbank and the Reatile Group as empowerment partner.[28][29]
  • Bid Window 3 (2024–2025): In May 2025 the Minister of Electricity and Energy, Kgosientsho Ramokgopa, named Mulilo preferred bidder for four of the five Free State sites tendered – Bloemhoek (124 MW, Theseus substation), Erfdeel (123 MW, Everest), Vanilla (123 MW, Harvard) and Retreat (123 MW, Merapi) – totalling 493 MW/1,972 MWh, with Scatec winning the fifth. Bids in the round were 40% lower on average than in the first window.[7][30][31]

According to the company, its participation across the three windows amounted to 1,134 MW/4,536 MWh, or about 65% of all capacity procured under BESIPPPP to that point.[7]

Projects

[edit]

The following table summarises Mulilo's principal utility-scale projects as reported in public sources. Capacities are as stated in the cited sources; solar PV projects are shown in MWDC where indicated.

ProjectTechnologyCapacityProvinceProgramme / off-takerPartnersStatusRef
Mulilo Renewable Energy Solar PV PrieskaSolar PV–Northern CapeREIPPPP Bid Window 1–Operational (2014)[1]
Mulilo Renewable Energy Solar PV De AarSolar PV–Northern CapeREIPPPP Bid Window 1–Operational (2014)[1]
Mulilo Prieska PV (Prieska–Total)Solar PV75 MWNorthern CapeREIPPPP Bid Window 3Total, Calulo, IDC, FuturegrowthOperational (2016)[1]
Mulilo Sonnedix PrieskaSolar PV75 MWNorthern CapeREIPPPP Bid Window 3Sonnedix, IxowaveOperational (2016)[1]
Longyuan Mulilo De Aar wind farms (2)Onshore wind139 MW and 96 MWNorthern CapeREIPPPP Bid Window 3LongyuanOperational (2016)[1][10]
Mulilo De Aar 2 South Wind FarmOnshore wind140 MWNorthern CapePrivate PPA – Sasol / Air LiquideTotalEnergies, ReatileUnder construction (FC Nov 2024)[13]
Paarde Valley PV2Solar PV120 MWNorthern CapePrivate PPA – Sasol / Air LiquideTotalEnergies, ReatileUnder construction (FC Nov 2024)[13]
Oasis Aggeneis, Mookodi and Nieuwehoop BESS (3)BESS257 MW / 1,028 MWh (combined)Northern Cape, North WestBESIPPPP Bid Window 1EDF Renewables (lead), Pele, Gibb-CredeUnder construction (FC Nov 2024)[24][26]
Du Plessis Dam Solar PV2Solar PV75 MWNorthern CapePrivate PPA – Etana EnergyH1 CapitalUnder construction (FC Mar 2025)[18]
Orkney Solar PVSolar PV–North West––Under construction (FC 2026)[6]
Mulilo Mercury BESSBESS76 MW / 304 MWhFree StateBESIPPPP Bid Window 2–Under construction (FC Apr 2026)[28]
Middlepunt Solar PVSolar PV337 MWDC / 240 MWACFree StateREIPPPP Bid Window 7 (NTCSA)Reatile, PerpetuaUnder construction (FC Apr 2026)[28]
Beaufort West Solar PVSolar PV380 MWDC / 250 MWACWestern CapePrivate PPA – NOA–Under construction (FC Apr 2026)[6]
Hartebeesfontein BESSBESS77 MW / 308 MWhNorth WestBESIPPPP Bid Window 2 (NTCSA)ReatileUnder construction (FC Jun 2026)[22]
Bloemhoek, Erfdeel, Vanilla and Retreat BESS (4)BESS493 MW / 1,972 MWh (combined)Free StateBESIPPPP Bid Window 3–Preferred bidder (May 2025)[7]

Middlepunt Solar PV

[edit]

The Middlepunt project near Welkom was the single project awarded to Mulilo in REIPPPP Bid Window 7, announced in January 2025, in which eight preferred bidders were named for 1,760 MW of capacity.[32] In April 2026 it became the first Bid Window 7 project to reach financial close. The R4.4 billion plant has a 20-year PPA with the National Transmission Company of South Africa (NTCSA) at a tariff of R458/MWh (approximately US$27/MWh), which the company stated was the lowest price procured to date under South Africa's public renewable energy rounds. It is expected to generate about 770 GWh a year and connects to the Everest Main Transmission Substation.[28][33]

Beaufort West Solar PV

[edit]

The Beaufort West facility, Mulilo's first project in the Western Cape, has an installed capacity of 380 MWDC and a contracted export capacity of 250 MWAC, connecting to the Droërivier Main Transmission Substation. Output of about 818 GWh a year is sold to commercial and industrial customers through a multi-year PPA with the energy trader NOA Group. Lenders included Absa, Standard Bank, Investec and Nedbank.[6][34]

Newcastle Wind Energy Facility

[edit]

Mulilo has lodged environmental applications for a wind complex near Newcastle in KwaZulu-Natal comprising two facilities of up to 200 MW each.[35] In August 2026 the company resolved a land-use overlap with the gas explorer Kinetiko Energy through an agreed exclusion zone; the first facility is planned at 264 MWDC/240 MWAC using 33 Envision Energy turbines, connecting to the Incandu Main Transmission Substation.[36]

Ownership and financing

[edit]

Mulilo Energy Holdings is majority owned by Copenhagen Infrastructure Partners through CI NMF I, a fund focused on renewable energy investments in growth markets, with Norfund holding a strategic minority stake acquired in 2025 and the founders and management retaining shareholdings.[3][4][17] Prior to the CIP transaction, shareholders included the Calulo investment group, whose subsidiary Calulo Renewable Energy co-invested in the Prieska solar plant.[37][1]

Project-level financing has been provided predominantly by South African commercial banks – Standard Bank, Absa, Nedbank and Investec – and by the Industrial Development Corporation in the company's earlier projects.[1][22][34] At corporate level the company has a R7 billion equity holding-company facility from Standard Bank.[19] Mulilo's public procurement projects include black economic empowerment partners such as the Reatile Group and Perpetua, and community trusts holding minority interests.[28][22]

Leadership

[edit]
  • Jan Oberholzer – Chairman and non-executive director since September 2023; former chief operating officer of Eskom.[2]
  • Jan Fourie – Chief executive officer since 1 May 2024; former executive vice-president, Scatec.[8]
  • Johnny Cullum – Co-founder; chief executive officer 2008–2024; board member and shareholder.[17]
  • Chris Aberdein – Co-founder; former chairman.[9][8]

See also

[edit]

References

[edit]
  1. 1 2 3 4 5 6 7 8 9 10 "Mulilo moves ahead with four more renewables projects worth R8.8bn". Engineering News. Creamer Media. 24 February 2015. Retrieved 14 September 2026.
  2. 1 2 3 4 5 "Mulilo Energy names Jan Fourie as new CEO". Business Day. Arena Holdings. 11 January 2024. Retrieved 14 September 2026.
  3. 1 2 3 "Copenhagen Infrastructure Partners acquires South African renewable energy IPP" (Press release). Copenhagen Infrastructure Partners via GlobeNewswire. 9 March 2023. Retrieved 14 September 2026.
  4. 1 2 3 "Mulilo and CIP secure over R1 billion investment from Norfund". Business Report. Independent Media. 13 November 2025. Retrieved 14 September 2026.
  5. 1 2 "Norfund acquires $75 million stake in Mulilo Energy Holdings". Innovation Village. 13 November 2025. Retrieved 14 September 2026.
  6. 1 2 3 4 5 6 "Mulilo achieves financial close on 380 MW solar project in Western Cape". Engineering News. Creamer Media. 20 April 2026. Retrieved 14 September 2026.
  7. 1 2 3 4 "Mulilo and Scatec emerge as preferred bidders for R9.5bn battery storage projects". Engineering News. Creamer Media. 30 May 2025. Retrieved 14 September 2026.
  8. 1 2 3 4 "New Mulilo CEO says South Africa's renewables, storage markets poised for exponential growth". Engineering News. Creamer Media. 2 May 2024. Retrieved 14 September 2026.
  9. 1 2 3 4 "Mulilo Energy CEO Johnny Cullum's legacy in renewable energy". MyBroadband. 7 May 2024. Retrieved 14 September 2026.
  10. 1 2 "Mulilo is powering South Africa's energy revolution". Vutivi Business News. 19 June 2025. Retrieved 14 September 2026.
  11. ↑ "Sasol and Air Liquide sign new set of long-term contracts to supply an additional 260 MW of renewable energy to the Secunda site" (Press release). Sasol. 20 February 2023. Retrieved 14 September 2026.
  12. ↑ "Sasol and Air Liquide large-scale renewable-energy project, South Africa – update". Engineering News. Creamer Media. 13 February 2026. Retrieved 14 September 2026.
  13. 1 2 3 "TotalEnergies, partners start building 260 MW renewable energy plants for Sasol, Air Liquide". Engineering News. Creamer Media. 26 November 2024. Retrieved 14 September 2026.
  14. ↑ "South Africa: Consortium Reaches Financial Close on 260 MW PPAs". Prospect. 2 December 2024. Retrieved 14 September 2026.
  15. ↑ "Reaping renewables in South Africa". ESI Africa. 16 May 2024. Retrieved 14 September 2026.
  16. ↑ "Copenhagen Infrastructure Partners buys South African IPP Mulilo and its 25GW pipeline". PV Tech. 10 March 2023. Retrieved 14 September 2026.
  17. 1 2 3 "Jan Fourie to take over as Mulilo Energy CEO from May". Engineering News. Creamer Media. 11 January 2024. Retrieved 14 September 2026.
  18. 1 2 3 "75 MW Northern Cape solar project to be built on back of innovative 'aggregator model'". Engineering News. Creamer Media. 18 March 2025. Retrieved 14 September 2026.
  19. 1 2 "Standard Bank and Mulilo: Powering South Africa's energy transition". Standard Bank Corporate and Investment Banking. 2025. Retrieved 14 September 2026.
  20. ↑ "Mulilo Secures $400 Million Facility for South African Energy Projects". Ecofin Agency. 11 September 2025. Retrieved 14 September 2026.
  21. ↑ "Mulilo Secures $75M Norfund Package to Expand Renewables Business". Energy Capital & Power. 18 November 2025. Retrieved 14 September 2026.
  22. 1 2 3 4 5 "Mulilo makes further inroads with Hartebeesfontein BESS financial close". Engineering News. Creamer Media. 11 June 2026. Retrieved 14 September 2026.
  23. ↑ "Mulilo commits nearly R15 billion to accelerate South Africa's energy security and economic growth" (Press release). Mulilo. 2026. Retrieved 14 September 2026.
  24. 1 2 3 "CIP and EDF win bid for 1GW-plus of South Africa BESS projects". Energy-Storage.news. Solar Media. 5 January 2024. Retrieved 14 September 2026.
  25. ↑ "CIP and EDF consortium selected for three BESS projects in South Africa". Power Technology. GlobalData. 5 January 2024. Retrieved 14 September 2026.
  26. 1 2 "OASIS 1 Battery energy storage systems projects all achieve Financial Close" (Press release). EDF power solutions South Africa. 21 November 2024. Retrieved 14 September 2026.
  27. ↑ "Battery Energy Storage Independent Power Producer Procurement Programme – Bid Window 2, South Africa – update". Engineering News. Creamer Media. 10 January 2025. Retrieved 14 September 2026.
  28. 1 2 3 4 5 "Mulilo says Middlepunt PV plant to supply cheapest REIPPPP-procured electricity". Engineering News. Creamer Media. 14 April 2026. Retrieved 14 September 2026.
  29. ↑ "Mulilo reaches financial close on 308 MWh BESS in South Africa". ESS News. pv magazine group. 12 June 2026. Retrieved 14 September 2026.
  30. ↑ "Battery Energy Storage Independent Power Producer Procurement Programme – Bid Window 3, South Africa – update". Engineering News. Creamer Media. 6 June 2025. Retrieved 14 September 2026.
  31. ↑ "Ramokgopa trumpets Black Economic Empowerment in BESIPPPP Bid Window 3 outcome". Green Building Africa. 31 May 2025. Retrieved 14 September 2026.
  32. ↑ "Ministry unpacks latest renewable energy preferred bidder awards". Engineering News. Creamer Media. 6 January 2025. Retrieved 14 September 2026.
  33. ↑ "Mulilo achieves financial close on 337MW Middlepunt Solar PV project in South Africa". Business Report. Independent Media. 14 April 2026. Retrieved 14 September 2026.
  34. 1 2 "Mulilo reaches financial close on 380MW Beaufort West solar project". Moneyweb. 21 April 2026. Retrieved 14 September 2026.
  35. ↑ "South Africa: Mulilo Plans to Develop 2 x 200MW Wind Projects in Newcastle, Kwazulu Natal". Green Building Africa. 15 September 2022. Retrieved 14 September 2026.
  36. ↑ "Mulilo Resolves Land Issue Affecting Newcastle Wind Farm". Newcastillian News. 19 August 2026. Retrieved 14 September 2026.
  37. ↑ "Mulilo Renewable Energy". Calulo Investment. Retrieved 14 September 2026.
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