New GX Capital has secured a significant boost for its clean technology ambitions with Nedbank Corporate and Investment Banking (Nedbank CIB) committing $28 million (R488 million) to Airnergize Capital Fund I. The fund, launched in April this year, aims to accelerate investments in renewable energy, water, gas, and related infrastructure projects across Africa. With Nedbank’s investment, total commitments now stand at $161 million (R2.8 billion), edging closer to its $200 million target.
Building a Clean-Tech Investment Platform
Airnergize Capital Fund I was created to address Africa’s infrastructure challenges while driving environmental and social sustainability. The fund’s mandate covers energy, water, and gas, prioritizing solutions that enable growth, improve access, and create long-term impact. By attracting institutional investors such as RMB Ventures, which anchored the fund with $111 million at its first close, Airnergize is positioning itself as a key vehicle for financing clean-tech growth on the continent.
Strategic Partnership with Nedbank
Nedbank’s involvement marks an extension of a longstanding relationship with New GX Capital. Four years ago, Nedbank backed New GX’s acquisition of Mettle Solar, which evolved into Sustainable Power Solutions (SPS), a leading commercial and industrial solar and storage provider. SPS has since become a core portfolio company under the Airnergize umbrella, with plans to expand further in South Africa and select African markets.
Leadership Perspective
Khudusela Pitje, CEO of New GX Capital, emphasized the importance of consistent support in building clean infrastructure platforms. He highlighted that Nedbank’s commitment is not only financial but also strategic, reinforcing a shared vision for sustainable growth. Pitje added that the collaboration would enable Airnergize to expand its footprint across Africa’s emerging clean-tech landscape.
Alignment with Sustainability Goals
Executives from both Airnergize and Nedbank underscored the alignment of this investment with global sustainability objectives. Tebatso Modiba, deal executive at Airnergize Capital, described Nedbank as a like-minded, long-term partner committed to advancing a clean-tech ecosystem for the continent. From Nedbank’s side, Smanga Dlamini, principal in leverage and diversified finance, and Gareth McElhone, head of alternative equity, stressed the bank’s focus on low-carbon investment strategies that also support inclusive growth.
Impact on Africa’s Clean-Tech Ecosystem
Africa faces pressing challenges in energy access, water management, and environmental resilience, areas where Airnergize intends to deploy capital. By investing in platforms such as SPS, the fund is already contributing to commercial and industrial solar adoption, a sector poised for expansion given rising demand for reliable and sustainable power. The broader strategy is to combine financial returns with measurable environmental and social outcomes, including job creation and community upliftment.
Looking Ahead
With $161 million already raised, Airnergize Capital Fund I is on track to reach its $200 million target, signaling strong investor confidence in Africa’s clean-tech sector. The combination of local knowledge, institutional backing, and an expanding portfolio provides a foundation for scaling impact-driven infrastructure solutions. For New GX Capital and its partners, this milestone represents both a continuation of earlier successes and a step toward a more sustainable and inclusive energy future.
The partnership between New GX Capital and Nedbank CIB reinforces the momentum behind Africa’s transition to cleaner and more resilient infrastructure. Through Airnergize Capital Fund I, both organizations are channeling resources into projects that promise economic growth while addressing urgent sustainability needs. As the fund moves toward its final close, it stands as an example of how strategic collaboration can unlock long-term value for investors and communities alike.