NEF acquires 23% stake in Black Lite Solar, Engineeringnews.co.za – Engineering News
South African black-owned photovoltaic (PV) solar company Black Lite Solar on Wednesday announced that the National Empowerment Fund (NEF) had bought a 23% stake in the company for an undisclosed sum.
The primary aim of this investment by the NEF was to further its mandate of committing to and supporting government’s policy of black industrialisation.
“The NEF is committed to black industrialisation and, through this investment in Black Lite Solar, the NEF is supporting government’s programme of localisation, local content and the local manufacturing of PV products, as opposed to simply assembling the products locally,” NEF CEO Philisiwe Mthethwa said.
Meanwhile, the Department of Trade and Industry (DTIC) had also given its full support and backing to Black Lite Solar.