Mulilo, a South Africa-based renewable energy developer and independent power producer, secured financial closure for the 75 MWac (105 MWdc) Ukuqala solar project near De Aar in the Northern Cape, South Africa. Nedbank, SBSA, and ABSA provided the debt financing.
In addition, Peppertree Capital, ENS, ABL, Bowmans, and Arup were involved in the transaction as advisors in various capacities. Financial details of the deal remained undisclosed.
The company will manage construction and deliver project asset management, operations, and maintenance services.
The Ukuqala Solar Project will power Air Product’s Air Separation Units across South Africa, delivering electricity via wheeling to various locations. This project is the sixth for which the company reached a financial close in 2024.
The solar project is among the four Mulilo projects connected to the Kestral Main Transmission Substation, which is currently under construction.
Once operational, the project is expected to supply approximately 248 GWh of clean power annually per Mulilo.
Mulilo CEO Jan Fourie said, “Ukuqala Solar is the sixth project closed by our team this year and our first project as lead developer. It demonstrates our ability to develop bespoke projects for the private sector and deliver on our integrated business model.”
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
In October, Mainstream Renewable Power, a solar and wind project developer, announced the financial closure of its 50 MW Ilikwa solar project in the Free State province of South Africa. The financial details of the transaction remained undisclosed.
