Standard Bank, Africa’s biggest bank by assets, has finalised terms to provide a ZAR R7 billion corporate facility to pioneering independent power producer, Mulilo Energy Holdings.
Mulilo is a leading renewable energy developer and independent power producer established in 2008.
Standard Bank has been appointed as the sole lender and agent as it relates to the Equity HoldCo Facility. The facility will have an initial commitment of ZAR 1.1 billion available to support equity commitments, and a further ZAR 5.9 billion that can be allocated as the security pool grows, raising the total commitment to ZAR 7 billion.
The facility is designed to support Mulilo’s ambitious growth trajectory. Unlike traditional project-specific financing, it has been tailored to cover a broader scope, including equity participation and guarantees, enabling the company’s strategic expansion.
This will support Mulilo to execute a robust pipeline of renewable energy projects, spanning REIPPPP projects, battery energy storage systems, and private off-take agreements with aggregators and traders. Earlier this year, Mulilo was named the preferred bidder for four projects to develop 493 MW / 1 972 MWh of new battery storage capacity in the Free State. This is in addition to nine other large-scale renewable energy projects progressing towards financial close.
“This facility is not just about financing; it’s about adding to energy security through a partnership between organisations that value Africa’s long term sustainable growth,” says Rentia van Tonder, Head of Power at Standard Bank Corporate and Investment Banking.
“It enables Mulilo to scale, deliver on its pipeline, and contribute to job creation, regional development, and energy security,” she adds.
Since Copenhagen Infrastructure Partners (CIP) acquired a stake in Mulilo about two years ago, the company has undergone a significant transformation. Mulilo has consistently demonstrated its ability to win and deliver on high-impact projects across the energy spectrum. Over just the past 18 months, the company has been awarded numerous projects, reinforcing its position as a key contributor to South Africa’s energy transition.
“Mulilo welcomes the strategic partnership with Standard Bank, given its commitment, sector expertise, and innovative financing approach,” says Jan Fourie, Mulilo Chief Executive Officer.
“Securing the R7 billion facility marks a further significant milestone for the company and affirms the bank’s confidence in our strategy. Through this collaboration, we can accelerate renewable energy projects that will drive South Africa’s transition and deliver sustainable value to communities and shareholders,” says Fourie.
For more information visit: http://www.standardbank.com or: http://www.mulilo.com