diff --git a/etc/kayobe/kolla-image-tags.yml b/etc/kayobe/kolla-image-tags.yml
index adb956b51..e2692efd3 100644
--- a/etc/kayobe/kolla-image-tags.yml
+++ b/etc/kayobe/kolla-image-tags.yml
@@ -13,8 +13,8 @@ kolla_image_tags:
     rocky-9: 2023.1-rocky-9-20240205T162323
     ubuntu-jammy: 2023.1-ubuntu-jammy-20240221T133905
   magnum:
-    rocky-9: 2023.1-rocky-9-20240312T170026
-    ubuntu-jammy: 2023.1-ubuntu-jammy-20240312T170026
+    rocky-9: 2023.1-rocky-9-20240320T133822
+    ubuntu-jammy: 2023.1-ubuntu-jammy-20240320T133822
   neutron:
     rocky-9: 2023.1-rocky-9-20240202T145927
     ubuntu-jammy: 2023.1-ubuntu-jammy-20240221T103817
diff --git a/etc/kayobe/kolla.yml b/etc/kayobe/kolla.yml
index 6bcbdc09a..6db29a0cc 100644
--- a/etc/kayobe/kolla.yml
+++ b/etc/kayobe/kolla.yml
@@ -328,7 +328,7 @@ kolla_build_blocks:
   magnum_base_footer: |
     RUN curl https://raw.githubusercontent.com/helm/helm/main/scripts/get-helm-3 | head -n -1 | bash
     {% raw %}
-    {% set magnum_capi_packages = ['git+https://github.com/stackhpc/magnum-capi-helm.git@v0.11.0'] %}
+    {% set magnum_capi_packages = ['git+https://github.com/stackhpc/magnum-capi-helm.git@v0.12.0'] %}
     RUN {{ macros.install_pip(magnum_capi_packages | customizable("pip_packages")) }}
     {% endraw %}
 # Dict mapping image customization variable names to their values.
diff --git a/releasenotes/notes/bump-magnum-capi-helm-6febfe840e81cea5.yaml b/releasenotes/notes/bump-magnum-capi-helm-6febfe840e81cea5.yaml
new file mode 100644
index 000000000..6677583fb
--- /dev/null
+++ b/releasenotes/notes/bump-magnum-capi-helm-6febfe840e81cea5.yaml
@@ -0,0 +1,4 @@
+---
+features:
+  - |
+    Updates Magnum CAPI Helm driver version to v0.12.0