South Africa-based investment firm New GX Capital has secured a R488m ($28m) commitment from banking group Nedbank CIB for its cleantech infrastructure fund, Airnergize Capital Fund I.
The investment boosts the fund’s total capital to R2.8bn ($161m), moving it closer to its final target of R4bn ($200m). Launched in April 2025, Airnergize is a Black-owned and controlled fund manager focused on financing sustainable infrastructure to address Africa’s pressing energy and water security challenges.
“We are humbled by Nedbank CIB’s support,” said Khudusela Pitje, founder and CEO of New GX Capital. He noted the partnership began four years ago with the acquisition of a small solar company that has since grown into a leading platform, now part of the Airnergize portfolio. “The partnership will continue under the Airnergize Capital umbrella to allow us to scale across cleantech infrastructure.”
Building a pan-African platform
Airnergize Capital achieved its first close of R2.4bn ($120m) earlier this year, an investment round led by RMB Ventures, the private equity arm of Rand Merchant Bank. The fund’s strategy is to back both capital-intensive projects and asset-light business models in three core areas:
- Renewable energy: Solar, wind, and battery storage projects.
- Water infrastructure: Treatment, desalination, and distribution systems.
- Gas solutions: Including Liquefied Natural Gas (LNG) and biogas as transitional energy sources.
The fund has already made its first strategic investment in Sustainable Power Solutions (SPS), a company specializing in commercial and industrial solar and battery storage solutions. SPS, which was previously a New GX portfolio company, is now positioned to expand its operations across South Africa and other African markets.
“Nedbank CIB is a like-minded, long-term investor that shares our vision to build a leading cleantech platform,” said Tebatso Modiba, Deal Executive at Airnergize Capital. “[It’s] one that unlocks a sustainable tomorrow for South Africa and the continent.”
Blending private equity and green infrastructure
The partnership signals a growing trend where major financial institutions are backing specialized fund managers to channel capital into Africa’s green transition. The collaboration between New GX Capital, an infrastructure specialist, and RMB Ventures, a traditional private equity player, highlights a blended approach to tackling the continent’s infrastructure gap.
Eutychus Mbuthia of RMB Ventures noted that the fund “combines our private equity expertise with New GX’s infrastructure experience to address South Africa’s energy and water challenges.”
As Africa’s population and industrial base grow, its energy demand is projected to rise sharply. Funds like Airnergize are positioning themselves as crucial catalysts for ensuring this growth is powered by sustainable and low-carbon solutions, offering a model for how private capital can drive both financial returns and measurable environmental impact.