Mulilo Reaches Financial Close on 337 MW Middlepunt Solar Project in South Africa

Mulilo has reached financial close on the Middlepunt Solar PV project, a 337 MWDC solar photovoltaic facility with a contracted export capacity of 240 MWAC, located near Welkom in the Free State Province, South Africa.

Middlepunt is the first project awarded under the South African government’s Renewable Energy Independent Power Producers Procurement Programme (REIPPPP) Bid Window 7 to reach financial close. Once operational, the project is expected to generate approximately 770 GWh of clean electricity annually and will connect to the Everest Main Transmission Substation (MTS), enabling efficient integration into South Africa’s national grid. This will result in the avoidance of 813,000 tonnes of carbon dioxide-equivalent emissions annually and will provide enough energy to power approximately 325,000 households. The electricity supplied to the South African grid is priced at ZAR 458/MWh (approximately USD 27/MWh). 

A 20-year Power Purchase Agreement (PPA) has been finalized with the National Transmission Company of South Africa (NTCSA), reinforcing the importance of transmission sector reforms and ongoing market development in enabling additional power generation capacity. The successful financial close of the Middlepunt Solar project also supports Mulilo’s strategic objective of adding 1 GW of new generation capacity annually, while expanding its diversified portfolio spanning wind, solar, and battery energy storage solutions. 

This milestone was achieved through strong cooperation between the public and private sectors, involving key institutions such as the Department of Electricity and Energy, the Independent Power Producer Office, the National Transmission Company of South Africa (NTCSA), and Eskom. The project was further supported by financial and legal advisors, including Standard Bank, Absa, Nedbank, PepperTree Capital, Bowmans, Fasken, and DKVG, alongside technical expertise from Arup and insurance advisory from Marsh.

Additional support came from Mulilo’s shareholders, Copenhagen Infrastructure Partners and Norfund, as well as co-sponsors Reatile Group and Perpetua, together with a local community trust. This broad partnership highlights Mulilo’s commitment to inclusive participation and long-term shared value creation within the Matjhabeng Local Municipality.