Standard Bank, Africa’s largest bank by assets, has announced a R750m ($43.1m) strategic equity partnership with Airnergize Capital, the clean-technology platform owned by investment firm New GX Capital.
The deal, led by the bank’s Corporate and Investment Banking (CIB) division, is structured as an equity investment rather than traditional project finance. It aims to accelerate the deployment of decentralised renewable energy infrastructure across Southern Africa.
The capital is earmarked for Sustainable Power Solutions (SPS), a key utility operating under the Airnergize platform. SPS builds, owns, and operates C&I solar and battery storage solutions — systems typically used by factories, office parks, and shopping centres.
This investment arrives as South Africa’s private energy sector is expanding rapidly, driven by the persistent failures of the state-owned utility Eskom and national power cuts, known as “load-shedding.” The C&I market, in particular, has seen explosive growth as businesses race to secure reliable, independent power.
Scaling a Decentralised Utility
The R750m injection will be used to fund new projects and scale SPS’s existing operations, which already span South Africa, several sub-Saharan African nations, and Indian Ocean countries.
For Standard Bank, the equity stake is a strategic move to gain direct exposure to the high-growth distributed energy sector.
“Our pledge to Airnergize marks a key milestone in our commitment to accelerating Africa’s energy and infrastructure transition,” said Willem Els, Vice President of Equity Investments at Standard Bank CIB. Els noted the partnership would serve as a “catalyst for impactful investments,” reinforcing the bank’s support for both utility-scale and decentralised projects.
The investment also pushes Standard Bank closer to its internal sustainable finance targets, which include mobilising at least R450bn by 2028 and achieving net-zero financed emissions by 2050.
A Platform Play
Airnergize Capital is a black-owned and controlled platform focused on clean technology, including renewable energy, gas, and water infrastructure. It is part of New GX Capital, a diversified investment holding company founded by entrepreneur Khudusela Pitje.
The bank’s move to partner with a specific entrepreneur was highlighted by Arnold van Wyk, Head of Equity Investments at Standard Bank CIB. “We are thrilled to be partnering with a successful entrepreneur and prolific dealmaker, leading the charge in South Africa’s transition,” he said.
For New GX Capital, the deal provides significant growth capital and a powerful institutional partner, validating its platform model.
“We are thrilled to have attracted a leading Pan-African financial institution of the calibre of Standard Bank to invest in our business, providing us with an ability to look at transactions across Africa,” said Khudusela Pitje, Founder and Group CEO of New GX Capital.
Tebatso Modiba, a deal executive at Airnergize Capital, added that the team is focused on driving “utilities solutions for a sustainable tomorrow, unlocking smart and decentralised grids.”