ONLY one Eastern Cape enterprise's project has been approved to get funding from the Industrial Development Corporation's R500-million Green Energy Efficiency Fund.
IDC green industry specialist Honey Mamabolo attended a networking session in Nelson Mandela Bay last week to shed more light on the credit facility and told business how it could gain access to the Green Fund.
She confirmed this week that an East London-based company had been the province's sole beneficiary of the fund.
The information session – attended by representatives of nearly 70 businesses – was organised by the SA Association for Energy Efficiency (SAEE) and the Regional Innovation Forum, as well as the Nelson Mandela Bay Business Chamber.
Most of the projects submitted by Eastern Cape-based companies did not meet the fund's criteria. Some proposed projects, for example, were too small for the green fund's minimum threshold of R1-million, SAEE's Gareth Burley said.
Businesses with viable projects could access up to R50-million from the fund, but not many companies were tapping into the green space.