Mulilo

Founding and early REIPPPP rounds (2008–2016)

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

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.

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. The Prieska solar plant and the De Aar wind farms entered commercial operation in 2016.

Corporate power purchase agreements (2023–2024)

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. 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.

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. Debt was provided by Standard Bank, Absa and Nedbank.

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.

Acquisition by Copenhagen Infrastructure Partners (2023)

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. Completion followed in July 2023. The technology news website MyBroadband later reported that CIP had acquired an 87% stake for more than US$200 million.

Leadership transition (2023–2024)

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. 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. Fourie, an electrical engineer with an MBA and 17 years' experience in the African power sector, took office on 1 May 2024.

Expansion (2024–2026)

Following the CIP acquisition, Mulilo set a target of bringing 5 GW of renewable energy and storage projects into construction and operation by 2028. 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.

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.

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.

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. Standard Chartered advised Norfund on the transaction.

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 MW_DC Middlepunt solar PV plant near Welkom; the 380 MW_DC Beaufort West solar PV facility in the Western Cape; and the 77 MW/308 MWh Hartebeesfontein BESS near Klerksdorp. 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. 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.

Middlepunt Solar PV

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. 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.

Beaufort West Solar PV

The Beaufort West facility, Mulilo's first project in the Western Cape, has an installed capacity of 380 MW_DC and a contracted export capacity of 250 MW_AC, 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.

Newcastle Wind Energy Facility

Mulilo has lodged environmental applications for a wind complex near Newcastle in KwaZulu-Natal comprising two facilities of up to 200 MW each. 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 MW_DC/240 MW_AC using 33 Envision Energy turbines, connecting to the Incandu Main Transmission Substation.