openhagen Infrastructure Partners (CIP) has through its Copenhagen Infrastructure New Markets Fund I (CI NMF I) acquired the majority share of Mulilo Energy Holdings (Mulilo), a leading South African renewable energy developer based in Cape Town. CIP will assume full control of the company, with the current founders and management remaining on board and driving the company’s growth. The financial details of the transaction have not been disclosed.
Mulilo was founded in 2008 and has seen sustained growth in the market. Today, the company holds an 8% market share in the South African renewable sector and has to date developed and successfully delivered 440 MW of operating wind and solar projects. In addition, the company holds an extensive pipeline exceeding 25GW across onshore wind, solar PV, and storage.
Niels Holst, Partner in CIP and head of NMF I, commented: “We are proud to have made CI NMF’s first ever investment in South Africa and in a platform company. Mulilo represents an attractive opportunity for CI NMF I to invest in a growing developer and we are certain that we can accelerate the positive trajectory of the company. CIP is committed to working closely with local stakeholders to rapidly deploy renewable energy projects in South Africa and make a positive contribution to the green transition, local employment and developing world leading capabilities in South Africa.”
Robert Helms, Partner in CIP, commented further: “We have found an excellent partner in Mulilo, its founders and broader team, who we have found to combine strong development skills and a highly entrepreneurial can-do spirit which we recognize at CIP. We believe the combination of Mulilo and CIP will make a meaningful positive contribution to resolve the energy crisis in South Africa with cost effective renewable energy.”
Christopher Aberdein, Co-founder and Chairman of the Mulilo Board of Directors, commented: “Mulilo is very excited about the partnership with CIP. Our company has enjoyed sustained growth in the South African market since our founding in 2008, and we look forward to accelerating that trajectory in coming years. With CIP taking a majority equity position at Mulilo, it gives our company the necessary tools and financial backing to make an impact in the renewable energy landscape in Southern Africa.”
The acquisition is subject to regulatory and change of control approvals from the Competition Commission.