Norfund, the Norwegian development finance institution, has invested $75 million (approximately R1.3 billion) in Mulilo Energy Holdings, a leading South African renewable energy developer chaired by Jan Oberholzer, former Chief Operating Officer of Eskom.
Founded in 1997, Norfund is wholly owned by the Norwegian Ministry of Foreign Affairs. The institution channels investment capital from Norway’s state budget and reinvests portfolio surpluses to advance its development mandate. Its primary focus is on job creation and improving livelihoods, particularly in sub-Saharan Africa, through investments in renewable energy, financial inclusion, and scalable enterprises.
Mulilo is an established Independent Power Producer (IPP) with nearly 450 MW of operational solar and wind assets. The company boasts a long-term development pipeline exceeding 30 GW, spanning renewable energy and battery storage projects, and currently has 765 MW under construction.
Jan Oberholzer has chaired Mulilo since 2023, following his tenure as Eskom’s COO from 2018 to 2023, where he worked closely with former CEO Andre de Ruyter. After retiring in April 2023, Oberholzer briefly served as a contractor for Eskom, supporting projects at Koeberg Nuclear Power Station and Kusile Coal Power Station.
The partnership with Norfund strengthens Mulilo’s position as a key player in South Africa’s energy transition, significantly expanding the country’s renewable energy capacity.
Mark Davis, EVP Renewable Energy at Norfund, stated:
Norfund is delighted with the opportunity to support Mulilo in their mission to lead South Africa’s energy transition as the latest investment of the Norwegian Climate Investment Fund.
Standard Chartered acted as M&A advisor to Norfund for this transaction. Mulilo previously secured a corporate facility from Standard Bank with a potential commitment of R7 billion, and Copenhagen Infrastructure Partners (CIP) acquired a stake in the company two years ago.
