October 6, 2025: South African power firm Mulilo has secured a ZAR 7 billion ($405 million) facility to help fund planned large-scale BESS and renewables projects in the country.

Mulilo said the country’s Standard Bank will act as the lender and agent for the ‘Equity HoldCo Facility’, with an initial ZAR 1.1 billion of the total to support equity needs.

Unlike traditional project-specific financing, this facility has been designed to provide broad support for Mulilo’s strategic growth, the renewables and independent power producer firm said on September 11.

The deal will help accelerate delivery of an ambitious pipeline of facilities, enabling equity participation, guarantees, and enhanced flexibility to pursue projects across multiple technologies and markets.

Earlier this year, Mulilo was named as the preferred bidder for four projects in South Africa’s Free State province that will deliver 493 MW/1,972 MWh of new battery storage capacity. These projects complement nine other large-scale renewable projects progressing towards financial close.

“Securing the ZAR 7 billion facility is a pivotal milestone for Mulilo,” said Jan Fourie, Mulilo’s CEO.

Rentia van Tonder, head of power at Standard Bank Corporate and Investment Banking, said: “This facility is not just about financing, it’s about adding to much-sought energy security through a partnership between organisations that value Africa’s long term sustainable growth.

“It enables Mulilo to scale, deliver on its pipeline, and contribute meaningfully to job creation, regional development, and energy security.”

Over the past 18 months Mulilo, in which Copenhagen Infrastructure Partners (CIP) acquired a stake two years ago, has won and advanced major projects aimed at rejuvenating South Africa’s creaking power generation sector.

Last January, CIP gave the go-ahead to invest around £800 million ($1 million) in two 500MW BESS projects in Scotland.