Airnergize Capital, the clean technology investment platform of New GX Capital, has reached the final close of its first investment fund at R3.89 billion.
The Development Bank of Southern Africa (DBSA) has committed R240 million as a development finance institution (DFI) investor.
According to a statement, the transaction represents a fund-raising rather than a direct investment in a single energy or infrastructure project. Airnergize has raised capital from a group of institutional and corporate investors, which will then be deployed into businesses and infrastructure assets in its target sectors.
The fund's investor group comprises New GX Capital, RMB Ventures, Standard Bank, Nedbank and the DBSA.
The final close follows an earlier initial commitment of R2.4 billion announced in 2025, when the fund was targeting a final close of R4 billion.
Mahlatsi Molokomme, principal investment officer at the DBSA, says the bank's participation is intended to help mobilise private capital for infrastructure rather than substitute for commercial investment.
“The DBSA’s mandate is to mobilise capital toward infrastructure that supports inclusive growth, and a platform like Airnergize does that at scale rather than one transaction at a time.
“Backing a fund alongside commercial investors allows us to crowd in private capital rather than compete with it, which is exactly the kind of blended approach South Africa needs if it is going to close its infrastructure investment gap.”
The DBSA's role is significant because it brings development finance alongside capital from commercial investors, adds Molokomme.
In this context, “blended finance” refers to the combination of development or public-sector capital with commercial investment. The objective is to use the DFI's participation to help attract additional private capital into projects or sectors that require substantial investment.
Airnergize's initial investments are focused on commercial and industrial solar photovoltaic and energy-storage assets in SA, Sub-Saharan Africa and the Indian Ocean islands.
The investment pipeline is broader than renewable generation, and extends into transmission-related infrastructure, water and gas.
This means the fund is positioned as an infrastructure investment platform rather than a conventional early-stage clean-tech venture fund.
Its focus is on businesses and operating infrastructure capable of generating commercial returns, while also delivering environmental and social outcomes.
Khudusela Pitje, group CEO of New GX Capital, adds that the combination of investors provides the fund with different forms of financial and sector expertise.
“Getting to R3.89 billion, with this calibre of investor around the table, tells you the market believes in what we are building. Each investor, including the DBSA, has added something different: balance sheet strength, sector expertise, a development mandate.
“We have built a platform that can turn this capital into operating infrastructure that moves the needle across energy, water and gas, and that contributes to energy security in SA and the region.”
Airnergize Capital's R3.89 billion Fund I is not itself an operating utility or infrastructure project, according to the DBSA. It is an investment vehicle through which capital from multiple investors will be allocated to infrastructure businesses and assets.
The latest close also follows Airnergize's involvement in the Pulse Infrastructure consortium, one of the groups pre-qualified under SA’s Independent Transmission Projects programme, indicating the fund's potential exposure beyond distributed solar and storage.
“Access to clean energy, water and gas is fundamental to economic growth and social upliftment, and through Airnergize Capital Fund I, we are taking a significant step toward building a more sustainable future.
“RMB Ventures is a like-minded and long-term focused investor that shares our vision to build a leading clean tech platform under the New GX umbrella, unlocking a sustainable tomorrow in both South Africa and across the continent,” states Tebatso Modiba, deal executive at Airnergize Capital.
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