About Us

Hulisani is an energy infrastructure investment company focusing on long-term energy investment and innovation in emerging markets.

Our Business

Pull quote:

“Investing in renewable energy infrastructure to nurture opportunities for financial, socio-economic and environmental returns.”


Hulisani Limited is an energy investment company listed on the Main Board of the Johannesburg Stock Exchange (JSE) since 2016, trading under the ISIN HUL.

We create opportunities for investors seeking long-term, sustainable and profitable investments in both conventional and renewable energy. This is demonstrated by our choice of investments and project pipeline which deliver profitable returns consistently over the long term. We have a successful track record for creating investment opportunities for asset managers, pension funds and private investors.

With Sustainability, Consistency and Growth at the heart of our business, Hulisani aims to be a leading, long-term energy investor and innovator in emerging markets.


We are a proudly black-managed company committed to meaningful socio-economic development.

Hulisani means ‘to nurture’ in TshiVenda. Our name represents our aim of nurturing economic benefits for all our stakeholders and helping to build an environment for job creation and socio-economic benefits.

Through strategic investment and reinvestment in the energy ecosystem, we aim at making an impact across the value chain. We make it possible for other sectors in the economy to flourish and be revitalised, leading to more jobs and economic growth. The aim is always to grow, to earn and to give back, ensuring consistent sustainability and stability.

We are also committed to the upliftment of communities and nurturing socio-economic benefits for the communities where we operate.


Hulisani’s investment in the energy universe ensures that stakeholders have access to advice and market insights to maximise all the opportunities that are available. This allows them to make more informed decisions and ultimately receive more value.

Our experienced executive team is comprised of innovative energy investment professionals. Together with our Board, we add value to the companies in which we invest by offering strategic insight and solid African and global investment experience. This allows us to realise the opportunities inherent in the investments as well as to create other organic opportunities that only experience and innovation can unlock. We are actively involved in the management of our portfolio to enhance returns and optimise our investments.

Hulisani partners with reputable and like-minded companies and invests where we believe we can add value and where there is potential upside. Our targeted long-term net return is in the CPI + 6% – 8% range, which means that, at the time of signing acquisition agreements, we target a return that exceeds inflation by a significant margin. We are actively involved in the management of our portfolio to enhance returns and optimise our investments.

Currently, our focus is in South Africa, where we are building a reputation for reliability, credibility and innovation. We will only expand into Sub-Saharan Africa once a foundation has been established and growth is sustainable and sufficiently derisked. Opportunities range from operating assets to developing those that are ready for bid.


Taking a long term view, Hulisani identifies and invests in the most promising electricity generation prospects to ensure that South Africa and other emerging markets can propel and power their economies to create more opportunities.

  • Wind Energy

Wind power is a cheap and sustainable form of energy that can be established in many areas in Southern Africa and, if implemented correctly, can substantially reduce energy costs due to its short payback period.

  • Hydro Power

South Africa has a mix of small hydroelectricity stations and pumped water-storage schemes and, as long as there is water, energy from waves, tides, waterfalls and rivers will always be available.

  • Solar Energy

Solar energy is the most readily accessible resource in South Africa and with the development of the country’s solar-equipment industry, lends itself to a number of potential uses.

  • Peaking Power

Peaking power stations react quickly to changes in demand and supplement power generated by base load stations.

  • Clean Coal

Sourcing internationally-proven Circulating Fluidised Bed(CFB) technology it is possible to build new power generation plants fuelled by discarded coal.

  • Biomass Power

To generate electricity, Biomass Power uses raw or processed plant material which includes agricultural residues, wood waste, paper trash, municipal solid waste (MSW), energy crops and methane captured from landfill sites.

  • Energy Distribution

Access to opportunity can only be made possible through distribution. It connects everybody and provides access to electricity, giving people the opportunity for employment, education and various means to enjoy a better life. We plan on investing in this sector in the future, as it’s a crucial component of the energy value chain.

Our Team

The success of our business relies on strong leadership and robust corporate governance. Hulisani has a leadership team of highly experienced professionals with a deep knowledge of the energy sector.

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Pull quote:

“We look for where we can make meaningful investments in assets that demonstrate solid operational performance and have potential for long-term returns.”

Pull quote:

“We look for where we can make meaningful investments in assets that demonstrate solid operational performance and have potential for long-term returns.”


100% – Growth in dividends from R18.1m in 2018 to R36.9m in 2019

R42 million – Increase in net cash generated from operations over 2018 and 2019

R1 billion – Current realisable project pipeline in the secondary and primary markets

1GW – Capacity of projects pursued at year end



The future looks green for the energy landscape of South Africa and sub-Saharan Africa. In this environment, Hulisani is embracing the opportunities for growth anticipated across all renewable energy categories.

During 2019, policy changes and policy certainty in South Africa provided the renewable energy industry with very encouraging developments.

These included announcements of the unbundling of Eskom as well as the pending finalisation of Government’s Integrated Resource Plan (IRP) which will introduce new energy security policies and provide further opportunities for Independent Power Producers (IPP) as well as the gas-to-power project and other related IPP projects.

Progress is also encouraging with regard to the Renewable Energy Independent Power Producer Programme (REIPPP) which will see increasing procurement of alternative sustainable energy.

On the continent, conclusion of the African Continental Free Trade Area (AfCFTA) in 2018 will also support energy trade agreements across South Africa’s borders.



From a policy perspective, it is Hulisani’s view that things are moving in the right direction.

The unbundling of Eskom will dramatically alter the energy landscape in South Africa. Whereas Eskom has traditionally been the sole provider of energy generation, distribution and transmission, the new environment is likely to provide further opportunities for IPPs.

While transmission is likely to continue as an Eskom sole preserve, competition already exists in the distribution space through municipalities that distribute power to residents. We plan on investing in this sector in the future, as it’s a crucial component of the energy value chain.

Captive power plants (power generated for a specific client) provide us with a valuable opportunity to enter this new reality. We will continue to pursue opportunities to create a pipeline in this area through innovative offerings.

Hulisani is actively engaging with all stakeholders in the energy sector to contribute to achieving an energy mix for South Africa which is suitable for the needs and challenges of the country.

Beyond South Africa’s borders, we are partnering with internationally recognised energy developers and players and companies which will expose us to the anticipated energy demand growth in Africa.

Our country and its energy sector still have many challenges to overcome. We believe that it is imperative for all who live in South Africa, including business, to take an active role in creating a better future for our children and we will therefore continue to highly value the socioeconomic impact of our various projects on the communities in which they are situated.




Stable cash flows Due to the contracted nature of the cash flows, we can predict with certainty, the long-term, cash-yielding ability of the asset.
Economic insensitivity The assets are insensitive to the economic climate as they are contracted with an inflation-protection mechanism
Inflation protection Contracted cash flows in the Power Purchase Agreements (PPAs) have a sovereign guarantee with the ability to increase rates linked to inflation over time.
Attractive long-term returns The long-term nature of Hulisani’s investments ensures increasing yields over the life of the asset.
Predictable usage profile As a result of low-usage volatility, it is easier to predict the use of the asset over its life-span.
Low correlation to other major asset classes Compelling defensive and diversification benefits.


The long-term nature of Hulisani’s investments ensures increasing yields over the life of the asset. Hulisani’s asset portfolio underscores its dual role as a yield and value player. Firstly, our assets offer certainty of income and, secondly, our yield period at 20 years is double the typical 10- year timeframes encountered in property transactions, with the additional benefit of a CPI-linked return. Returns will improve with time as the senior debt is repaid and operational efficiencies are realised.

We seek greater efficiencies for better returns to maintain and improve the share price trading volumes. A key factor is that our cost structure will remain constant even as we accumulate assets, which has the impact of increasing our margin.

Our long-term view is to harness the opportunities that are anticipated through aggregation in the energy sector. We have been actively building capability around distributed generation, energy reduction and captive power projects. We also keep a keen eye out for projects which have additional inherent potential upside due to flexible capacity and will be looking to the REIPPP and other related IPP programmes for such opportunities. Looking ahead, we will also focus on achieving greater scale and flexibility in our asset base.

Our experienced executive team and Board add value to the companies in which we invest by offering strategic insight and solid African and global investment experience. This allows us to realise the opportunities inherent in the investments as well as to create other organic opportunities that only experience and innovation can unlock.


Operating Environment

Pull quote:

“The future of energy is green, with growing global demand for renewable energy solutions.”

Operating Environment


Green energy demand in Africa will be strongly influenced by the huge global growth in this sector. As costs of wind, solar and battery storage continue a rapid decline, by 2050 approximately two thirds of the world’s electricity is anticipated to come from renewable energy, primarily solar and wind, along with hydro and nuclear power and other resources.

Over the same period electricity demand worldwide is expected to increase 62% and $13,3 trillion to be invested in new projects. In the US, clean energy resources supplied more of that nation’s electricity than coal for the first time ever in April 2019 (USA Energy Information Administration).


Hulisani aims at gaining significant benefits from the current favourable policy environment for the growth of renewable energy projects. Government’s target is for the renewable energy sector to provide 42% of energy requirements by 2030.

The impact of policy certainty in the region is expected to see some R56 billion in foreign direct investment, rural development and upliftment by 2022.

REIPPP and related IPP projects are expected to add energy infrastructure investments of over R1 trillion by 2030.

Furthermore, the unbundling and restructuring of Eskom will drive new opportunities for investment in clean power generation.

Not least will be a significant project pipeline for Hulisani as a result of the relaxation of regulations in licensing 500 Megawatt solar projects and other renewal energy projects below 10 Megawatts.


In this environment, Hulisani’s operational imperatives are to focus on primary and secondary opportunities in diversified Independent Power Producers (IPPs).

We are targeting primary investment opportunities at bid stage, either during construction or prior to commercial operation date, where early stage investment will provide a much higher yield.

Secondary opportunities are sought via operating assets that already have a Power Purchase Agreement (PPA) in place, to provide inflation-linked cash flows through dividends.

Our due diligence process shortlists assets with solid operational performance or track record in the project developer and monitors contract performance, returns, risks, socio-economic impact and sustainability.

Thereafter, we remain actively involved in management of the portfolio through mandatory board seats and constant engagement with management at the asset level.


Pull quote

“We practice ethical, effective and sound leadership in determining strategy and monitoring business performance.”


Since Hulisani’s listing in 2016, we have steadily enhanced governance and nurtured our ability to identify opportunities that align with the trends we anticipate in the energy landscape.

The board recognises that the group’s practices can always be improved upon, and accordingly the board has and will continue to review the group’s governance framework against best practices.

Our business practices are directed to ensure that the best interests of the stakeholders are upheld and are in accordance with the principles of good corporate governance.


The board is committed to:

  • Meeting high standards of corporate governance and building strong relationships with stakeholders
  • Exercising ethical, effective and reasonable leadership in determining strategy and monitoring business performance
  • Adhering to the highest standards of corporate governance, ethical leadership and sound judgment, which is fundamental to the sustainability of our business.


  • The board maintains effective control of the business through a governance structure and has established committees to assist it in accordance with the provisions of our Board Charter and in alignment with the King IV Report on Corporate Governance ™ for South Africa, 2016 (King IV™).
  • The board recognises that delegating authority does not reduce the responsibility of directors to discharge their statutory and common-law fiduciary duties in terms of the Companies Act No. 71 of 2008 (Companies Act), JSE Limited Listings Requirements (JSE Listings Requirement) and King IV™.


  • There have been no material instances of non-compliance or material fines imposed upon the group
  • The board is satisfied with the level of compliance in accordance with applicable governance and regulatory requirements.