R500m energy-efficiency fund will also support self-use renewables projects
Engineering News Online
19 October 2011: The State-owned Industrial Development Corporation (IDC) has officially unveiled a R500-million fund, which seeks to promote energy efficiency and ‘self-use’ renewable energy projects primarily within energy-intensive industrial sectors in South Africa.
The Green Energy Efficiency Fund (GEEF) is backed by German development bank KfW, which has extended a €48-million long-term loan to the IDC at prime less 3%.
The facility, IDC CEO Geoffrey Qhena says, forms part of a larger plan at the domestic development financier to disburse some R25-billion in support of green economic development over the coming five years.
Through GEEF, the IDC will on-lend the funds in tranches of between R1-million and R50-million to enterprises with energy savings, or self-generation, projects able to shave at least 20% off their current power consumption levels.
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