South African independent power producer Mulilo has successfully reached financial close on the 380 MW Beaufort West solar PV facility, one of South Africa’s largest utility-scale solar PV developments, located near Beaufort West, in the Western Cape.
The facility will have an installed capacity of 380 MW, a contracted export capacity of 250 MWac and will connect to the Droërivier main transmission substation, enabling efficient integration into the national grid.
This milestone marks Mulilo’s fourth project to reach financial close this year, following the successful closure of the Orkney solar PV project, in the North West province, as well as the Middlepunt solar PV and Mercury battery energy storage system (BESS) projects, in the Free State.
With the addition of the Beaufort West solar PV project, Mulilo has exceeded its target of deploying 1 GW of renewable-energy projects annually, bringing its total portfolio – across both operational and construction phases – to over 2 GW.
The company, in a media release, says this milestone underscores its rapid expansion as a leading player in the renewable-energy sector.
Once operational, the facility is expected to generate about 818 GWh/y of clean electricity, which will be sold to commercial and industrial customers across South Africa through a multi-year power purchase agreement with renewables company NOA.
In doing so, the project is estimated to avoid about 860 000 t of CO₂-equivalent emissions a year.
Mulilo says this success was made possible through the support of its shareholders, Copenhagen Infrastructure Partners (CIP) and Norfund, as well as close collaboration with Mulilo’s funding, legal and advisory partners – including Absa, Standard Bank, Investec and Nedbank, as well as Bowmans, PepperTree Capital, Fasken and Arup.
“The Beaufort West solar PV project is Mulilo’s first renewable-energy project in the Western Cape province and stands as a testament to Mulilo’s unwavering commitment to driving South Africa’s energy transition.
“We are pleased to have worked alongside NOA to bring this project to financial close, with a shared commitment to quality and long-term value creation.
“By delivering reliable, clean power at scale, we are not only addressing the country’s immediate energy needs but also paving the way for a sustainable and prosperous future,” says Mulilo CEO Jan Fourie.
“Mulilo is a partner with a proven ability to deliver high-quality renewable projects, and this financial close reflects the strength of our collaboration and shared ambition.
“With this transaction, NOA’s diversified portfolio now approaches 1.5 GW of generation capacity in construction and development across owned assets and strategic offtake partnerships, enabling us to connect reliable renewable energy to commercial and industrial customers that need certainty and long-term supply,” adds NOA group CEO Karel Cornelissen.
Sabrina Jardim
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