Norwegian Fund invests $75 million in South Africa’s energy sector.
Established in 1997 and owned by the Norwegian Ministry of Foreign Affairs, Norfund invests state-backed capital into projects that drive job creation and sustainable growth, particularly across sub-Saharan Africa. Its latest move underscores Norway’s growing commitment to Africa’s clean energy transition.
“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,” said Mark Davis, Executive Vice President for Renewable Energy at Norfund.
Mulilo currently operates 450 megawatts of solar and wind assets and has an ambitious pipeline exceeding 30 gigawatts inrenewable and battery storage projects.
A further 765 megawatts are already under construction. The company’s rapid growth reflects South Africa’s rising appeal as a hub for green infrastructure investment.
Oberholzer, who has chaired Mulilo since 2023, previously worked alongside former Eskom CEO Andre de Ruyter, spearheading key projects at the Koeberg Nuclear Power Station and Kusile Coal Power Station.
His leadership is now central to Mulilo’s strategy of expanding clean energy production and storage across the region.
International banking group Standard Chartered advised Norfund on the transaction, while Standard Bank remains a key financial partner, having extended a corporate facility valued at approximately $400 million.
Source: Africabusinessinsider