Copenhagen Infrastructure Partners (CIP) has, through its Copenhagen Infrastructure New Markets Fund I (CI NMF I), acquired the majority share of South African renewables developer Mulilo Energy Holdings.
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 today the company holds an 8% market share in the South African renewable sector and has to date developed and successfully delivered 440MW 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, said: “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.”
The acquisition is subject to regulatory and change of control approvals from the Competition Commission.