Mulilo, Standard Bank Close R4.4 Billion ($260M) Middlepunt Solar Deal, First REIPPPP Bid Window 7 Project Across the Line

Last week, we published our Mission 300 readiness deep dive, ranking 35 African countries on their ability to convert electrification commitments into actual connections. Only 12 countries sit in the Leading tier. Read the full analysis here.

Mulilo has closed financing on the 337 MW Middlepunt Solar PV project in the Free State, locking in a tariff of USD 27/MWh, the lowest price delivered under South Africa’s Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) to date.

The project, located near Welkom, carries a contracted export capacity of 250 MWAC and a 20-year Power Purchase Agreement (PPA) with the National Transmission Company of South Africa (NTCSA). Once operational, the plant will generate approximately 770 GWh of clean electricity per year, enough to power around 325,000 households and offset 813,000 tonnes of CO₂ annually.

A Milestone for South Africa’s Renewable Energy Programme

Middlepunt is the first project awarded under Bid Window 7 of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) to reach financial close. REIPPPP is South Africa’s competitive tender system for procuring privately developed renewable energy. It operates in rounds called “bid windows,” and Bid Window 7 is the latest. After Bid Window 6 delivered mixed results and several projects stalled, the market was watching closely to see whether Bid Window 7 could move faster.

The deal also marks the first PPA signed directly with National Transmission Company South Africa (NTCSA) rather than Eskom, reflecting South Africa’s ongoing unbundling of its electricity market. As the wholesale market takes shape, this project becomes the first live test of the new offtake structure under Bid Window 7.

The Financing Structure

The total project investment stands at R4.4 billion ($260 million), funded through a mix of senior debt, subordinated debt and equity. Standard Bank provided R1.42 billion ($84 million) in senior and subordinated debt facilities plus R841.5 million ($50 million) in ancillary funding, acting as co-Mandated Lead Arranger, Lender, co-Hedging Bank and Guarantee Issuer. Absa and Nedbank participated as co-arrangers on the debt side.

On the equity side, Copenhagen Infrastructure Partners (CIP) and Norfund backed Mulilo as shareholders, with Reatile Group and Perpetua as BEE co-sponsors alongside a local community trust. PepperTree Capital, Bowmans, Fasken, DKVG, Arup and Marsh provided financial, legal, technical and insurance advisory support.

The Signal

Middlepunt is the first Bid Window 7 project to deliver three things at once. The tariff of USD 27/MWh undercuts Eskom’s own coal operating costs, meaning new solar is now cheaper than keeping old plants running. The PPA is signed with NTCSA, not Eskom, confirming that the unbundled transmission company works as a standalone counterparty. And three major South African banks closed the debt, signaling that lenders trust the new structure. That combination, cheapest power, new buyer, bankable framework, clears the path for the rest of the Bid Window 7 pipeline.

Mulilo now has a development pipeline exceeding 30 GW across wind, solar and battery storage, with a stated target of closing 1 GW of new capacity per year. Middlepunt is its second financial close in 2026.

Deals and Investment

Africa Finance Corporation (AFC) closes €43 million Poro Power Green Bond for 66 MW Korhogo solar plant in Côte d’Ivoire, first project finance green bond in West African Economic and Monetary Union (WAEMU). AFC

Odu’a Investment Company and Elektron Energy sign $40 million joint venture to develop a 50 MW gas-fired embedded IPP at Ogba Industrial Estate, Lagos. Elektron Energy

Botswana and Oman sign agreement for 500 MW Maun solar PV plus battery storage project with NAQAA Sustainable Energy. Minimum 25-year operational life. Government of Botswana

Scatec and Aeolus (Toyota Tsusho) reach commercial operation on 60 MW Tozeur solar plant in Tunisia. Second Scatec project in-country, backed by a 30-year PPA with state utility STEG. Scatec

AMEA Power’s 120 MW Doornhoek solar plant commissioned in North West province under REIPPPP. MIGA master agreement backs portfolio expansion across 23 projects. Sineng Electric

Regulatory and Policy Updates

Nigerian Electricity Regulatory Commission (NERC) issues Order 2026/026 mandating a 6.5% transmission loss target by December 2026. Smart meters required at all regional interconnection points. NERC

Kenya’s Energy Ministry signals an unavoidable electricity tariff review driven by rising global fuel costs and Kenyan shilling depreciation against the US dollar. Kenyans

NamPower and Angola’s RNT-EP sign Joint Development Agreement and bilateral PPA for the ANNA 400 kV interconnector, connects Angola to the Southern African Power Pool for the first time. NamPower

Nigerian Electricity Regulatory Commission (NERC) issues Mini-Grid Regulations 2026 under the Electricity Act 2023. Isolated mini-grids capped at 5 MW; interconnected systems at 10 MW. Projects above 100 kW require operating permits. NERC

The Radar

21–24 April | ARE Energy Access Investment Forum (EAIF) 2026, Nairobi. Top annual investment event for energy access and renewable electrification. 1,000+ participants. Supported by EU, Germany, Norway, Netherlands, Sweden, Austria. EAIF

22–23 April | Invest in African Energy (IAE) Forum 2026, Paris. Deal-making platform connecting African energy markets with global investors. Ministers from 15+ African countries confirmed. IAE

29–30 April | African Energy / AIX Nairobi. Power sector intelligence briefings on African power markets, off-grid, transmission and regulatory reform. African Energy