Pretoria - The National Empowerment Fund (NEF) has acquired a 23% stake in photovoltaic (PV) company Black Lite Solar.
In its announcement on Wednesday, the South African black-owned company said the NEF had taken a stake in the company for an undisclosed sum.
The NEF is a driver and thought-leader in promoting and facilitating black economic participation by providing financial and non-financial support to black empowered businesses, and by promoting a culture of savings and investment among black people.
“The NEF is committed to black industrialisation and through this investment in Black Lite Solar, the NEF is giving support to the government’s programme of localisation, local content and the local manufacturing of PV products, not simply local assembly,” said NEF CEO Philisiwe Mthethwa.
The NEF was looking forward to working with Black Lite Solar, their international partner Manz and government departments to ensure that PV solar is rolled out in the country and the rest of the continent.
The Department of Trade and Industry (dti) has also given their full support and backing to Black Lite Solar.
“Government wants to support black industrialists such as Black Lite Solar. The dti has approved a R900 million S121 tax allowance package with the South African Revenue Service for the Black Lite Solar initiative,” said Trade and Industry Minister Rob Davies.
The project is based in the Eastern Cape Industrial Development Zone and will create new high quality jobs in that province.
“We therefore approved a further R9 million skills development incentive to Black Lite Solar. Government is committed to supporting black local content in PV and will therefore support initiatives such as the Black Lite Solar investment,” added Davies.
The company’s international partner, Manz AG of Germany, also pledged their commitment to South Africa.
“Renewable energy has taken off in South Africa and we are very excited by the support and active participation of the South African government creating a friendly environment for international investors in the green economy,” MANZ AG CEO Dieter Manz said.
Black Lite Solar CEO Sanjay Soni said the investment by the NEF will support black industrialists. – SAnews.gov.za
