Only 10% of €70m renewable energy fund invested

Just 10% of the funding earmarked to help business transition to renewable energy has been invested in the last 12 months.

The €70m National Energy Efficiency Fund (NEEF) was launched last May by then-energy minister Pat Rabbitte to act as a catalyst to develop energy-efficient projects in the Irish market.

Despite being available for a year, just €7m has been invested in two deals with Louth County Council availing of €5m to fund the installation of 2,000 heating control units while €2m was invested in Tesco’s LED panel project.