Hulisani

What Hulisani does

Hulisani Limited is a JSE-listed (ticker: HUL) renewable energy investment company incorporated in 2016 and headquartered in Sandton, Johannesburg. The company operates a long-term yield strategy, acquiring minority and effective-controlling stakes in energy-producing assets and related infrastructure that originate primarily from South Africa's Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). Its portfolio spans a 7MW solar PV farm (Rustmo), a 6.67% interest in the Kouga Wind Farm, a 25% effective shareholding in GRI Wind Steel (the only operational South African wind tower manufacturer, with 150 towers/year / 400MW-equivalent capacity), an indirect interest in the 1,005MW Avon and Dedisa open-cycle gas turbine peaking power plants, and the uMhlaba vehicle which procures long-term cash flows from land leases underlying REIPPPP-banked projects.

The company generates income from dividends and capital appreciation flowing through to shareholders, underpinned by 15-30 year Power Purchase Agreements with Eskom that provide inflation-adjusted, contracted cash flows. Targeted net annual returns are 6-8% above CPI. Hulisani serves institutional investors, fund managers, private investors, and corporates seeking B-BBEE-compliant allocations, distributing exposure via JSE listing and direct investor-relations engagement. The company also pursues socio-economic development objectives aligned with its black-managed identity, including job creation and community programmes in host regions.

Hulisani's go-to-market is sales-led and enterprise-focused, with deal origination channeled through the REIPPPP framework and capital deployment executed via preference-share and convertible-loan structures (notably the R82.5 million preference-share funding to Pele Green Energy's subsidiary to acquire the GRI Wind Steel interest). As a public-listed investment holding entity with 11-50 employees, Hulisani functions as a capital allocator rather than an operating utility, relying on contracted offtake and minority equity positions for portfolio cash generation.

Name

Hulisani

Legal name

Hulisani Limited

Website

https://hulisani.co.za

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Hulisani is a JSE-listed South African investment company that acquires minority stakes in renewable energy and peaking power assets sourced through the government REIPPPP programme, serving institutional, private, and B-BBEE-seeking investors with long-duration, inflation-linked returns.

Ownership category

akta.pro rank

Product category

Renewable Energy Investment

NAICS

Portfolio Management and Investment Advice (523940), Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Investment Advice (6282)

akta.pro industry

PRIMARYFSAAAKAG

Renewable Energy Infrastructure

Financial & Insurance/Asset & Wealth Management/Asset Management — Real Assets (Real Estate, Infrastructure, Natural Resources)

SECONDARYFSAHAIAD

Real Assets — Energy & Power Infrastructure (Renewables, Conventional, Storage)

Financial & Insurance/Hedge Funds & Alternative Investments/Alternative Investments — Real Assets (Real Estate, Infrastructure, Farmland, Timberland)

SECONDARYFSANAEAB

Energy & Power Infrastructure Funds (Generation, Transmission, Storage)

Financial & Insurance/Private Equity & Venture Capital/Real Assets Funds (Infrastructure, Real Estate, Energy)

SECONDARYEUAMAAAD

Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Renewable Project Development & IPP (Greenfield, Permitting, Financing)

Keywords

• Renewable energy investment
• Infrastructure investment company
• Solar PV assets
• Wind farm investment
• Peaking power plants

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Returns from Energy Projects: Long-term yield strategy generating returns through dividends and capital appreciation from ownership stakes in renewable energy projects including solar PV farms, wind farms, and wind tower manufacturing
2. Power Purchase Agreement (PPA) Revenue: Contracted revenue streams from 15-30 year PPAs with Eskom providing stable, inflation-adjusted cash flows
3. Land Lease Cash-flows: uMhlaba procures long-term cash flows from land leases underlying renewable energy projects, with estimated value of R450 million and 16% investment rate of return

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Hulisani is a JSE-listed investment company that acquires and manages equity and loan interests in renewable and peaking power generation assets in South Africa, including solar PV, wind, gas peaking, and wind tower manufacturing. The company packages these as a long-term yield investment vehicle targeting 6–8% net annual returns above CPI, with contracted cash flows from 15–30 year PPAs with Eskom. It also offers a uMhlaba proposition that procures long-term cash flows from land leases underlying REIPPPP-procured renewable energy projects.

Product overview

Hulisani is a JSE-listed renewable energy investment company that operates as a portfolio of energy-producing assets and related investments. The company manages a diversified basket of renewable energy investments including solar photovoltaic generation (Rustmo Solar PV), wind generation (Kouga Wind Farm), wind tower manufacturing (GRI Wind Steel), land lease cash flows (uMhlaba), and gas peaking power (Avon and Dedisa). The investment strategy is a long-term yield approach focused on acquiring and investing in a diverse basket of energy-producing assets with potential for growth through the South African REIPPPP programme.

Differentiator

Problem solved

Functional benefit

Brands

• GRI Wind Steel: Wind tower manufacturing company - only South African operational manufacturer of wind towers, based in Atlantis, Western Cape. Hulisani has 25% effective shareholding.

Products and services

• Rustmo Solar PV Farm A 7MW solar photovoltaic farm located in Rustenburg, constructed in the first round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). Held by Hulisani as a contracted renewable energy investment asset.
• Kouga Wind Farm A wind farm in which Hulisani holds a 6.67% interest, in commercial operation since March 2015 under the REIPPPP programme.
• GRI Wind Steel Wind tower manufacturing business in Atlantis, Western Cape, South Africa; the only South African operational manufacturer of wind towers, with capacity of 150 towers per year (equivalent to 400MW of new-build wind farms). Hulisani holds an effective 25% shareholding.
• uMhlaba A business that procures and purchases long-term cash flows underlying a portfolio of land leases arising from operational renewable energy projects banked through the REIPPPP, providing income diversification and longer-term positioning in the renewables sector.
• Avon and Dedisa Peaking Power Open-cycle gas turbine (OCGT) peaking power plants with combined capacity of 1,005MW, providing contracted peak power to Eskom under 15-year PPAs (renewable for another 15 years). South Africa's only privately-owned gas plants delivering contracted peak power.

Quantifiable outcome

• 100% dividend growth from R18.1m to R36.9m (2018-2019)
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Six partnerships are on record, tiered minor, core and supportive.

• Landowners (uMhlaba Program)minorOthers · 21 November 2019Seven landowners accepted uMhlaba offers for land leases in FY2019. These leases are underlying renewable energy projects banked through REIPPPP, providing long-term cash flows.
• GRI Wind Steel South AfricacoreStrategic or Co-development Partner · 20 July 2017Hulisani holds effective 25% shareholding in GRI Wind Steel, the only South African operational manufacturer of wind towers. GRI opened its manufacturing plant in Atlantis, Western Cape in 2014, creating over 300 jobs. The partnership provides Hulisani with vertical integration into the wind farm supply chain.
• Pele Green Energy (PGE)coreStrategic or Co-development Partner · 20 July 2017Hulisani provided R82.5 million ($6.4 million) preference share funding to Pele Green Energy subsidiary Pele SPV 198 to enable indirect acquisition of 12.5% stake in GRI Wind Steel South Africa.
• Legend Power SolutionsminorStrategic or Co-development PartnerLegend Power Solutions holds 27% in each of the Avon and Dedisa Peaking Power Plants. Hulisani holds indirect interest through a convertible loan into Legend Power Solutions.
• EskomcoreStrategic or Co-development PartnerSouth Africa's state-owned electricity utility is the contracted power buyer for Avon and Dedisa Peaking Power plants through 15-year Power Purchase Agreements (PPAs) with option to renew for another 15 years.
• GRI Renewable Industries (Parent Company)supportiveTechnology or IntegrationParent company of GRI Wind Steel South Africa, operating in seven countries. Provides skills transfer and wealth of local knowledge for wind tower manufacturing operations.

Scale indicators15 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• ACWA Power: A large MENA-headquartered developer, investor and operator of power generation including renewables, with active projects in South Africa under REIPPPP. ACWA Power operates at much greater scale across the same value chain, providing a benchmark for Hulisani's growth trajectory.
• Enel Green Power: Global renewable energy IPP with operations across multiple continents including Africa. Enel Green Power's African renewables arm competes for REIPPPP concessions and serves as a benchmark for utility-scale renewable IPP economics.
• Scatec ASA: Norwegian-listed renewable energy developer and IPP with operational solar and wind assets in Sub-Saharan Africa including South Africa. Scatec provides a comparable listed-vehicle structure for renewable infrastructure exposure, though at much larger scale and broader geographic footprint.
• Iberdrola Renovables: Global renewable energy developer and operator with a growing African footprint. Iberdrola provides a global benchmark for renewables IPP economics and is an indirect competitor for institutional capital flowing into renewable infrastructure in emerging markets.

Direct peers

• BioTherm Energy: South African renewable energy IPP with operational wind and solar projects procured through REIPPPP. BioTherm offers a comparable mix of utility-scale generation assets under long-dated Eskom PPAs and competes with Hulisani for capital deployment into South African renewables.
• Cennergi: A South African renewable energy IPP developing and operating utility-scale wind and solar projects through REIPPPP. Cennergi competes with Hulisani for project stakes and shares the same South African regulatory framework, Eskom off-take structure, and targeted institutional investor base.
• Pele Green Energy: A South African renewable energy investor and IPP that has partnered with Hulisani on the GRI Wind Steel deal. Pele Green Energy operates a comparable portfolio of utility-scale solar and wind projects banked through REIPPPP, making it the most direct comparable in business model and geography.

Regional players

• Mainstream Renewable Power: Global renewable energy developer with a dedicated Africa and Latin America platform that has bid into South African REIPPPP rounds. Mainstream competes with Hulisani for project development opportunities and shares the institutional-investor-backed renewables thesis.
• Globeleq: A UK-based power platform investing in renewable and thermal generation across Africa. While broader geographically, Globeleq competes for African renewable IPP opportunities and shares the institutional-investor-backed development model targeting emerging-market power infrastructure.

Others

• African Infrastructure Investment Managers (AIIM): Pan-African infrastructure fund manager investing in power, transport and digital infrastructure across Sub-Saharan Africa. AIIM is a comparable institutional capital allocator targeting African infrastructure with similar investor mandates (pension funds, DFIs), though broader than renewables alone.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/watch?v=Gr9JYCG4A70&feature=emb_logo
• LinkedInlinkedin.com/company/hulisani-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hulisani