NEF backs Eastern Cape solar plant project, Ujuh.co.za – Ujuh
Black Lite Solar, the black empowered venture geared to delivering a multibillion rands solar panel manufacturing facility in South Africa, Eastern Cape, has crossed a critical line. The company announced today that it has received equity investment (23%) from the National Empowerment Fund (NEF) and R900m commitment in tax incentives issued via the Department of Trade and Industry (DTIC).
Today’s announcement adds impetus to a path that should deliver a thin film solar panel manufacturing facility by the first quarter of 2015 thereby creating thousands of jobs in the Eastern Cape.
The Black Lite Solar project fits into South Africa’s ambition to build a renewable energy industry. South Africa has launched a massive, close to R100bn, investment into boosting contribution of renewable energy to its national power grid and aims to leverage from this to build an industry that can be exported. The money committed now can be treated as a first phase given South Africa’s ambition to boost renewable energy contribution towards 45% within the national grid.