International investor buys R1.3 billion stake in company chaired by Andre de Ruyter’s right-hand man
Norfund has bought a $75 million (R1.3 billion) stake in Mulilo Energy Holdings, which is chaired by Jan Oberholzer, the former COO of Eskom.
Norfund is a development finance institution established in 1997 and owned by the Norwegian Ministry of Foreign Affairs.
The fund receives its investment capital from the state budget, and surpluses in the portfolio are reinvested.
Norfund’s development mandate focuses on creating jobs and improving lives, primarily in sub-Saharan Africa. It invests in projects that focus on renewable energy, financial inclusion and scalable enterprises.
Mulilo is an established Independent Power Producer, with close to 450MW of operational solar and wind assets.
It has a long-term development pipeline exceeding 30GW across renewable and battery energy storage projects, with an additional 765MW under construction.
Mulilo has been chaired by Oberholzer since 2023, following his stint as Eskom’s COO from 2018 to 2023, where he worked closely with former CEO Andre de Ruyter.
Oberholzer retired from Eskom at the end of April 2023, with the COO role removed following his departure.
He worked as a contractor with Eskom briefly after his retirement, where he provided support to projects at the Koeberg Nuclear Power Station and Kusile Coal Power Station.
Norfund’s partnership with Mulilo reinforces the company’s position as a leading renewable energy developer, significantly contributing to South Africa’s renewable energy capacity.
“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, EVP Renewable Energy, Norfund.
International banking giant Standard Chartered provided M&A advisory services to Norfund.
Mulilo previously secured a corporate facility from Standard Bank with a total potential commitment of R7 billion.
Copenhagen Infrastructure Partners (CIP) also acquired a stake in the company two years ago.
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