NEF acquires equity stake in E Cape solar panel maker, THE NEW AGE
THE National Empowerment Fund (NEF) has snapped up a 23% equity stake in black economic empowerment (BEE) vehicle Black Lite Solar, which is destined to deliver a mega solar panel manufacturing facility in the Eastern Cape. The Black Lite Solar project has also secured R900m in tax incentives issued via the Department of Trade and Industry (DTIC) in moves styled as a backing the objective of developing black industrialists. Black Lite Solar has partnered with German engineering firm Manz AG to establish the manufacturing facility in the Eastern Cape. NEF CEO Philisiwe Mthethwa said the Black Lite Solar project fitted well within the BEE mandate of the state development finance institution. “The NEF is committed to black industrialisation and through this investment in Black Lite Solar, the NEF is giving support to government’s programme of localisation, local content and local manufacturing of PV products, not simply local assembly,” she said.