Energy projects among 54 to be funded in South Africa by Industrial Development Corporation

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Energy efficiency projects in South Africa will receive funding after the IDC bank approved US $7.75m for eight projects in Gauteng. Five projects in Western Cape got US $1.36m.

The Economic Development Minister Ebrahim Patel noted that any energy efficiency project would have to leverage on technology which includes the rooftop photovoltaic, solar water heaters, energy efficient lighting and refrigeration, speed drives, load controllers, heat pumps and turbines.

14 fuel renewable energy projects would receive US $32.72m.

Industrial Development Corporation (IDC) has over the years funded 54 green projects with regard to wind, solar and renewable energy after the inception of New Growth Path in November 2010. All the new projects amounted to US $ 1.31bn.

Panel pointed out that, of the 54 projects, 22 of them got funding from the government’s Renewable Energy Independent Power Producer (REIPP) procurement program where they received US $ 1.22, and US $ 0.39 has since been disbursed.

The Northern Cape received 13 projects worth US $ 1.05bn from IDC, Eastern Cape US $ 0.15bn for 5 projects, three projects for worth of US $40.87m went to the Western Cape, while North West received one project that amounted to US $1.36m.