Mulilo reaches financial close on 308 MWh BESS in South Africa

Mulilo has reached financial close on the Hartebeesfontein battery energy storage system, a 77 MW/308 MWh facility located near Klerksdorp in the City of Matlosana Local Municipality, North West province.

It is Mulilo’s second renewable energy project in the municipality, which is located near Eskom’s Hermes Main Transmission Substation.

The project was awarded under Bid Window 2 of South Africa’s Battery Energy Storage Independent Power Producer Procurement Programme (BESIPPPP), through which Mulilo secured five of the eight projects awarded. It is designed to provide system support and will supply ancillary services to the National Transmission Company of South Africa under a 15-year power purchase agreement.

Debt financing was provided by Absa, Standard Bank, and Nedbank. Shareholders include Copenhagen Infrastructure Partners and Norfund, with the Reatile Group as Mulilo’s BEE partner. The transaction involved government counterparties including the Department of Electricity and Energy, the IPP Office, and NTCSA, with legal and advisory support from ENS, Bowmans, Fasken, PepperTree Capital, Marsh, and Arup.

“Reaching financial close on this project is more than a project milestone – it is a tangible demonstration of what South Africa Inc. can achieve when capital, policy and execution align,” said Sunette Smith, chief commercial officer of the Reatile Group. “With our partner, Mulilo, securing five projects awarded under Bid Window 2, our partnership realizes a systematic build-out of the backbone infrastructure South Africa needs to unlock its renewable energy future.”

Mulilo CEO Jan Fourie described the financial close as a milestone for battery storage expansion in South Africa, noting it was the company’s fifth project to reach that stage in 2026. He said the project would help strengthen grid stability and support renewable energy growth, and credited the Reatile Group and other stakeholders for the outcome.

Cape Town-based Mulilo claims to have a development pipeline exceeding 30 GW.