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Airnergize Capital, the clean technology investment platform of New GX Capital, has reached the final close of its Fund I at R3.89 billion ($238.65 million), with the Development Bank of Southern Africa (DBSA) committing R240 million ($14.72 million) as lead development finance institution.
Airnergize Capital invests in energy, water and gas infrastructure businesses across Southern Africa and other African markets.
The Fund I investor group comprises New GX Capital, RMB Ventures, Standard Bank, Nedbank and the DBSA.
“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,” said Mahlatsi Molokomme, principal investment officer of DBSA.
“Getting to R3.89 billion ($238.65 million), 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 South Africa and the region,” commented Khudusela Pitje, group chief executive at New GX Capital.
Within New GX Capital’s investment platform, Airnergize Capital sits alongside AiZAR Capital, which focuses on digital infrastructure, and Airnergize Ventures, which invests in early-stage clean technology and digital businesses.
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