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.

With a three-year investment time frame, the pick-up appears to have been somewhat muted in the opening year — something Amarenco chief John Mullins said at the International Energy Research Centre (IERC) conference may be partly due to a lack of awareness.

Mr Mullins, the IERC chair, was among those highlighting the work the Tyndall Institute-based national centre is undertaking in developing renewable energy technology.

The technologies could improve energy efficiency by up to 30% with one product already in the process of securing a patent and attracting significant interest from a range of businesses.

Half of the €70m was put up by the Government while private companies Glen Dimplex and UK property company London & Regional weighed in with €35m.

The fund which operates on a commercial basis is confident of being fully invested on schedule over the next two years given the pipeline of investments it has.


Lifestyle

Carol O’Callaghan continues her round-up of home interior shops in country towns and the outer reaches of our cities, finding more treasure troves which offer something new and a touch of exclusivityMade in Munster: The best interior shops in country towns

When the Irish Examiner broke the news that an ultra-inquisitive deer photobombed newlyweds at Killarney’s Ladies View the story went viral.Wedding of the Week: Time for Australian celebrations for bride and groom photobombed by deer

At the start of the 10th and final episode of Confronting: OJ Simpson, a series which has been downloaded over five million times since launching in June, host Kim Goldman is in tears, talking to her father about how strong he was through the murder of her brother, his son,Ron Goldman.Podcast Corner: Host relives brother’s death in famous case

Thomas McCarthy pays tribute to his late friend — poet and journalist Seán Dunne'Seán Dunne was one of the most loved people I ever knew'

More From The Irish Examiner