Standard Bank has pledged R750-million in a strategic equity partnership with Airnergize Capital, the clean technology platform owned by New GX Capital, to expand renewable and utility infrastructure across Africa.
The deal, announced on Tuesday, will channel funds primarily into Sustainable Power Solutions (SPS), a pan-African clean-energy utility under the Airnergize umbrella that develops, owns and operates solar and battery storage systems for commercial and industrial customers across South Africa and several other sub-Saharan and Indian Ocean markets.
The capital injection will allow SPS to scale its operations, fund new projects and expand its footprint to meet growing demand for reliable and sustainable power.
“We are thrilled to be partnering with a successful entrepreneur and prolific dealmaker, leading the charge in South Africa’s transition into a cleaner, more connected and sustainably electrified environment,” said Arnold van Wyk, head of equity investments at Standard Bank Corporate & Investment Banking (CIB), in a statement.
Standard Bank’s Willem Els, vice-president for equity investments, added that the partnership reinforces the bank’s commitment to accelerating Africa’s energy and infrastructure transition while supporting both utility-scale and decentralised clean-energy projects.
The transaction aligns with Standard Bank’s sustainable finance goals, which include mobilising R450-billion by 2028 and achieving net-zero financed emissions by 2050.
Billions in funding
Khudusela Pitje, founder and group CEO of New GX Capital, welcomed the investment, saying it would help the business pursue opportunities “across Africa”.
Pitje – a well-known figure in South Africa’s telecommunications industry – announced the clean-tech fund in April in partnership with RMB Ventures, with the two parties describing the fund at the time as “one of the largest of its kind on the continent”.
TCS | Khudu Pitje on New GX Capital’s next chapter
The fund secured R2.4-billion in initial investments and was targeting R4-billion in capital, which Pitje told TechCentral on Tuesday he remains confident in securing. This is after the fund also recently raised R500-million in new investment capital from Nedbank CIB. That brings the total raised to date to more than R3.6-billion. – © 2025 NewsCentral Media
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