Libya has partnered Abu Dhabi-based W Solar Investment, in a renewable energy deal that is set to propel the country’s march towards having at least 22 percent of its electricity generation come from green energy by 2030.
W Solar, an investment company in the renewable energy sector, and a subsidiary of Alpha Dhabi Holdings, recently signed a memorandum of understanding with the General Electricity Company of Libya (GECOL) to develop a strategic long-term partnership and collaboration in the renewable energy sector in the North African country.
Under this MoU, W Solar will build solar photovoltaic power generation plants and sell the net delivered energy from the plants to the Libyan government. This MoU is a significant business step between the public and the private sector in the green energy area.
“There’s no doubt that the MoU with W Solar is important to the economic reform for the renewable energy sector in Libya. The Libyan government has been showing a serious intention to develop renewable energy,” Weam Elabdelie, GECOL board chairman said, adding “as we get on with unleashing investments in the renewable energy sector, having a partner like W Solar will definitely help accelerate the national green energy agenda”.
W Solar invests, develops, owns, operates, and transfers renewable energy power plants through its subsidiaries. W Solar has signed several agreements to implement and co-invest in solar photovoltaic and wind projects in several countries in Africa, Asia, and Europe.
“This is a landmark agreement for W Solar as we look to grow our operations in Africa and establish long-term relationships with key partners. With this MoU, W Solar is entering a new growth phase, and we are committed to bringing this cooperation to the next level,” W Solar chief executive Zafar Muhammad, said.
Under the arrangement, the solar photovoltaic program will be designed to produce 500MW in its first phase with the long-term target set at 2 000MW. W Solar will be owning and operating the project for 25 years from the start of production.
The North African country has continuously been prioritising improving its ability and facilities in the field of electric production, the transformation and distribution network, and the observation of the control centers, to produce high-quality electric energy.
Libya is also in the process of implementing its National Energy Efficiency Action Plan – a framework that is helping several Arab countries apply energy efficiency targets.