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.
This transaction is a fund-raising effort 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.
Investor Group and Fund Objectives
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 role is significant because it brings development finance alongside capital from commercial investors, making it a key player in the investment process.
They bring a unique perspective to the table, and their involvement is expected to attract additional private capital into projects or sectors that require substantial investment. The DBSA’s commitment is a sign of the importance of collaboration between development finance institutions and commercial investors.
Blended Finance Approach
In this context, “blended finance” refers to the combination of development or public-sector capital with commercial 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, providing a wide-ranging approach to sustainable development.
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. The fund is positioned as an infrastructure investment platform rather than a conventional early-stage clean-tech venture fund, allowing it to support a wide range of projects and initiatives.
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 the fund is well-positioned to support these efforts.