More light on funding issue, FINANCIAL MAIL
More light on funding issue, FINANCIAL MAIL
Despite its announcement that it will not make any new funding commitments until government makes a decision on its request for a recapitalisation, the National Empowerment Fund continues to fund and invest in start-up businesses. In late August it bought a 23% stake in Black Lite Solar, a photovoltaic panel manufacturer at Coega in the Eastern Cape. Black Lite is investing R2,2bn in a new factory to manufacture 148 MW of solar panels a year from the fourth quarter of 2014. The NEF deal introduces a third shareholder in the company, which is owned by Johannesburg-based Black Lite Energy and German technology company Manz. But where did the NEF's money come from? In May the agency suspended funding commitments because it had run out of money to honour them. It says it stopped considering funding only of applications that came in after April.
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