Driving scale and momentum in energy transformation

Absa Corporate and Investment Banking acted as Joint Mandated Lead Arranger, Senior Lender, Hedge Provider and Account Bank on the R 4.4 billion financing of Mulilo Energy Holdings’ 337 MWdc Middlepunt Solar PV Project. The project was selected as a preferred bidder under Bid Window 7 of the SA government Renewable Energy Independent Power Producer Procurement Programme (REIPPPP), a key initiative by the South African government designed to boost electricity generation capacity through private sector investment.

Our financing commitment supports the full lifecycle of the project, from development and construction through to long-term operations. Once operational, the Project will sell electricity to National Transmission Company South Africa SOC Ltd (NTCSA) under a 20-year Power Purchase Agreement (PPA).

The successful closing of this transaction represents a significant milestone for the country’s renewable energy sector, making a meaningful contribution to the achievement of national energy transition objectives, enhanced energy security, and the implementation of the Integrated Resource Plan (IRP). This pioneering transaction also supports Mulilo’s ambitious strategy to deliver 1 GW of new generation capacity annually, reinforcing the company’s role as a leading contributor to South Africa’s energy transition.

Beyond its financial impact, the Middlepunt Solar PV project will deliver significant socio-economic benefits, strengthen community participation and aligning with South Africa’s Just Energy Transition objectives.

This transaction underscores our ability to structure complex wheeled-energy solutions in a fast-evolving market, turning capital into a catalyst for sustainable growth, stronger energy security and inclusive economic development across Africa.

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