IDC funding for green projects totals R14bn

IDC funding for green projects totals R14bn

Since the inception of the New Growth Path in November 2010 – in which South Africa’s renewable energy ambitions are defined – development finance institution, the Industrial Development Corporation (IDC), has funded 54 green projects in the solar, wind, renewable energy and green technology sectors, committing some R14-billion to these emerging industries.

In a written response to a question by Democratic Alliance Member of Parliament Gordon Mackay last month, Economic Development Minister Ebrahim Patel outlined that 22 of these projects fell within the funding structure of government’s Renewable Energy Independent Power Producer Procurement Programme, receiving R13-billion, of which R4.2-billion had thus far been disbursed.

Thirteen of these projects were located in the Northern Cape and received total IDC funding of R11.2-billion, while five projects in the Eastern Cape received R1.65-billion, three projects in the Western Cape received R436-million and one North West-based project secured funding of R101-million.

The bank had, thus far, also approved R201-million in funding for 18 energy efficiency projects, eight of which were located in Gauteng and were allocated R82.7-million, while five Western Cape-based projects received R14.5-million.

A further two energy efficiency projects in KwaZulu-Natal were allocated R21.8-million, as well as two projects in the North West and the Free State, which received a total of R31.9-million.

One national energy efficiency project had, meanwhile, been awarded R50-million.

Patel noted that projects qualifying under the energy-efficiency category were required to leverage one of several technologies, including rooftop photovoltaics; energy efficient lighting; solar water heaters; energy efficient refrigeration; variable speed drives; load controllers and heat pumps; and energy recovery turbines.

The IDC had, meanwhile, also approved R699.5-million in funding for 14 fuel-based renewable energy projects, five of which were located in KwaZulu-Natal and received R349-million.

A further five Gauteng-based projects received R140-million, while two projects in the Northern Cape were allocated R194-million, one project in the Western Cape received R10-million and a single North West-based project received IDC funding of R6-million.

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