SIX percent of the R2.9 billion
The trust will benefit communities in the
Wind farm general manager
"We will appoint the trustees in the coming months. There will be an independent chair(person), representatives of the project company and the bank, and two community representatives appointed through a process of nomination." In terms of the rules there had to be a balance of gender and race, he said.
The trust will have to decide how to disburse funds earned from the wind farm, which are expected to be "substantial" once the loan has been repaid.
"The beneficiaries must be drawn from within a radius of 50km of the wind farm, largely in the Kouga municipality. In accordance with the Broad-based Black Economic Empowerment Act, at least 85 percent of the beneficiaries must be black, and the object of the trust is to empower people to join the modern economy.
"So I expect the trust will focus on education and training, but that will really be up to the trustees."
Most Popular Stories
- Steve Ballmer Files Six-Figure Counterclaim vs. Steve Gordon
- Creepers! Microsoft Buys 'Minecraft' Maker for $2.5 Billion
- Hispanic Buying Power Slow but Growing in South
- Back to School, Even in Immigration Jail
- Apple: Record iPhones 6 Orders on 1st Day
- U.S. Factory Output Slowed 0.4 Percent in August
- Is a Mayweather, Pacquiao Big-Money Fight Possible?
- Clinton: 'Fabulous to Be Back' in Iowa
- When to Say No to Investors, Yes to Mentors
- DOJ Launches Program to Thwart U.S. Extremists