Airnergize Capital, the clean technology investment platform of South African firm New GX Capital, has raised R3.89 billion ($239.7 million) through the final close of its first African clean energy fund. The fund is expected to support clean energy and essential infrastructure projects across Southern Africa and other African markets.
Known as Fund I, the investment vehicle is anchored by the Development Bank of Southern Africa (DBSA), which committed R240 million ($14.78 million). DBSA’s investment helped attract other major South African financial institutions, including RMB Ventures, Standard Bank and Nedbank. New GX Capital has also contributed to the fund.
The fund will initially focus on commercial and industrial solar photovoltaic projects and energy storage systems in South Africa, sub-Saharan Africa and the Indian Ocean islands. Its investment strategy will also cover larger infrastructure opportunities, including utility-scale power generation, electricity transmission, water utilities and gas distribution networks.
Airnergize Capital operates as a black-owned and controlled asset manager and infrastructure owner. The company focuses on long-term ownership and management of projects rather than acting as a construction contractor.
The company is also part of the Pulse Infrastructure consortium, which has been pre-qualified under South Africa’s Independent Transmission Projects programme. The programme aims to support the development and upgrading of high-voltage electricity transmission infrastructure.
Khudusela Pitje, Group Chief Executive of New GX Capital, said the successful fund close reflects strong confidence from institutional investors in the company’s long-term investment strategy.
The fund also demonstrates the growing role of blended finance in addressing Africa’s infrastructure requirements. Development finance institutions such as DBSA can use public capital to reduce project risks and attract larger amounts of private investment.
With nearly R3.9 billion available for deployment, Airnergize Capital’s Fund I is positioned to support renewable energy, storage and essential infrastructure development while helping expand private-sector participation in Africa’s clean energy transition.
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