These two Sisters, Makole Mupita and Meta Mhlarhi, co-founded Mahlako A Phahla to drive South Africa’s energy transition and economic transformation.
In 2009, two sisters, Makole Mupita and Meta Mhlarhi, co-founded Mahlako A Phahla Group (Mahlako). The brand is a recognised player in South Africa’s investment and energy sectors. Established in 2009, the firm was created to combine strong commercial performance with broader social and economic transformation, particularly in industries where black professionals and women have historically been underrepresented.
Founding the firm
Makole, a chartered accountant with more than two decades of experience in private equity, infrastructure, and finance, and Meta, a chemical engineer with expertise in energy and project development, brought complementary skills to the business. Their decision to establish Mahlako A Phahla was shaped by a shared vision: to build a 100% black women-owned investment and advisory firm that could compete at scale while also contributing to South Africa’s developmental agenda.
The company’s name, Mahlako A Phahla, pays tribute to their late mother, Mahlako Maponya, reflecting the sisters’ commitment to legacy and continuity.
Strategic focus
From its inception, Mahlako positioned itself in high-impact sectors such as energy, telecommunications, and social infrastructure. Over time, energy—particularly renewables and gas—emerged as a core area of focus, aligning with South Africa’s efforts to diversify its energy mix and reduce reliance on coal.
In 2021, the group launched a R1.5 billion (approximately $84 million) energy fund, touted as the first fully black women-owned energy fund in South Africa. The fund invests across renewable energy, gas, and energy services, highlighting Mahlako’s commitment to shaping the energy transition while delivering competitive returns.
One of the firm’s most notable projects is a solar energy wheeling initiative developed in partnership with Amazon Web Services. It was the first project of its kind outside the government’s Renewable Independent Power Producer Programme (REIPPPP). By directly supplying renewable energy to a corporate client, the project established a precedent for decentralised clean energy supply in the country.
Mahlako has also been involved in structuring and advising on infrastructure deals worth billions of rand, leveraging Makole’s financial acumen and Meta’s technical expertise to deliver integrated solutions. Both founders emphasise that their work extends beyond transactions. They repeatedly associate investment with transformation, especially through initiatives aimed at building capacity for black professionals and women in the energy and finance sectors.
Makole co-founded the Black Energy Professionals Association (BEPA), where she serves as a director, advocating for increased representation within the industry. Meta has actively promoted opportunities for young engineers and women in science and technology.
Besides Mahlako, both founders hold leadership and board roles in organisations across infrastructure, community development, and corporate governance. These positions reflect their broader influence in shaping discussions on sustainable investment and inclusive growth in South Africa.
Through Mahlako A Phahla, Makole Mupita, and Meta Mhlarhi have created more than just an investment company. By blending financial expertise with engineering know-how, they have positioned the firm as an example of how black women can lead large-scale projects in traditionally male-dominated industries.
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