Latest news with #R2.4bn
TimesLIVE
5 days ago
- Sport
- TimesLIVE
2030 Commonwealth Games on SA radar; 2036 Olympic deadline looms
South Africa has been asked by Commonwealth Sport (CS) to bid for the 2030 Games, says South African Sports Confederation and Olympic Committee (Sascoc) president Barry Hendricks. But the country's hope of bidding for the 2036 Olympics has yet to be approved by cabinet, with the deadline coming up within the next two weeks. Hendricks wasn't fazed at the prospect of missing the deadline, saying they could still bid for 2040, describing the process as 'a learning curve'. The CS request to South Africa — with five other countries apparently interested in the centennial Commonwealth Games — comes eight years after the country gave up the 2022 edition scheduled for Durban. Hendricks pointed out the nature of hosting had changed since then, with multi-city bids now being acceptable as a way of keeping costs down. '[For 2022] we couldn't get the security or surety for the R4.5bn [cost]. The fundamental concept of the Commonwealth Games has changed, where we have Scotland now running on a £1m (R2.4bn) budget, which is not too bad. That budget was provided by Commonwealth Sport.'
TimesLIVE
15-05-2025
- Business
- TimesLIVE
Tshwane's revenue up R777.5m due to better billing, collection: deputy mayor
The City of Tshwane has improved its revenue collection by 2% in the past seven months, resulting in the city's financial state being stable, according to deputy mayor Eugene Modise. Delivering the 2025/26 budget speech at Tshwane House on Thursday, Modise said that as a result of that improvement, the city's revenue had increased by R777.5m due to improved billing, revenue collection and interest earned. Modise said the budget he tabled was a fully funded budget. 'The capital budget is R2.4bn and our operational budget is R52.2bn and the total grant is R7.4bn. It is important to note that this budget has been fully funded without relying on borrowing. 'A fully funded budget is essential to securing the city's financial stability,' he said. Modise said the budget was crafted to prioritise six strategic focus areas . 'Financial stability and revenue collection enhancement, economic revitalisation and investment attraction, infrastructure development and civic delivery, safe and clean, and social service wellbeing.' The budget seeks to ensure that rates and tariffs are as fair and affordable as possible, said Modise.
Zawya
15-04-2025
- Business
- Zawya
First close of Airnergize Capital at $106mln in support of sustainable infrastructure for Africa
The first close of Airnergize Capital, the fund focused on accelerating clean technology solutions in renewable energy, gas, and water infrastructure across South Africa, has been announced. The Clean Technology Fund, has recently launched and secured an initial commitment of R2,4 Billion ($120 million) under Airnergize Capital Fund I, which aims to drive and advance sustainable clean technology investments across Southern and broader Africa It has secured an initial commitment of R2.4bn ($120m) and is targeting a final close of R4bn ($200m) by attracting additional investors in the months ahead. It aims to raise to R4bn ($200m) by final close. The announcement was made by New GX Capital's founder and CEO Khudusela Pitje. Airnergize Capital will be managed by New GX, with a focus on thematic investments across renewable energy, gas, and water. Its investment strategy is aligned with global sustainability goals, prioritising innovative solutions that support a low-carbon economy and promote inclusive growth. Capital-heavy and asset-light business models By backing pioneering businesses, Airnergize Capital aims to generate long-term environmental and social impact. The fund will invest in both capital-heavy and asset-light business models, partnering with experienced management teams in established businesses with proven track records. Airnergize Capital prioritises scalable and high-impact technologies, backing companies at the forefront of energy transition, water innovation, and gas solutions. As a black-owned and controlled fund, it brings active, strategic fund management with a commitment to measurable environmental and social outcomes. First investment Owing to the vending in of Sustainable Power Solutions Africa (SPS), a portfolio company of New GX, Airnergize Capital is already operational with its first investment. SPS is a leading integrated C&I renewable energy owner, operator, and developer, offering both behind-the-meter and front-of-the-meter solar PV and battery solutions through its asset holding company, and in-house EPC services and O&M operations. ' We are excited by the latest development at New GX that will unlock additional capital towards the drive to building SPS into a Pan Africa renewable energy giant. SPS BEE credentials with support of New GX are admirable amongst its peers' says Paul Mansour, CEO of SPS. 'Our journey into the utility industry started six years ago, and we are committed to investing in solutions that will drive sustainable change across Africa,' says Pitje, founder and CEO of New GX Capital. 'Access to clean energy, water, and gas is fundamental to economic growth and social upliftment, and through Airnergize Capital Fund I, we are taking a significant step toward building a more sustainable future.' Clean tech platform 'RMB Ventures is a like-minded and long-term focused investor that shares our vision to build a leading clean tech platform under the New GX umbrella, unlocking a sustainable tomorrow in both South Africa and across the continent,' says Tebatso Modiba, deal executive at Airnergize Capital. 'We are enthusiastic to launch Airnergize Capital and continue our long-term partnership with New GX,' says Eutychus Mbuthia at RMB Ventures. 'This fund represents a significant step forward in our commitment to sustainable investments and will play a crucial role in addressing South Africa's energy and water challenges. "Combining our private equity skills as a core investor in the fund, and RMB's track record in this sector, with New GX's deep understanding and proven success in infrastructure and renewable energy, will be instrumental in driving the success of Airnergize Capital. "The fund's investments will support the growth of sustainable infrastructure and contribute to the economic development of South Africa.'
