Total Energies has signed a preliminary agreement with the Libya state-run electricity company, General Electricity Company of Libya (GECOL), and the Renewable Energy Authority of Libya (REAoL), for the establishment of a 500 MW solar energy plant in the Al-Sadada area, 280 km south-east of the capital Tripoli.
The French energy giant signed the agreement with the two parties yesterday at GECOL’s Tripoli headquarters. TotalEnergies says it is committed to strengthening investments in Libya’s energy sector.
According to GECOL and REAoL, the planned project is in alignment with the Libyan authorities objectives to increase investments in renewable energy in order to diversify the country’s energy mix. The North African country is largely dependent on oil and gas to meet its energy requirements.
Despite boasting immense renewable energy potential, Libya has largely been skirted by renewable energy investment currently flowing into her neighbours due to the civil war, and the political instability that engulfed the country just after the fall of former President Muammar Gaddafi’s regime in 2011.
Libya is looking to attract more investment as the country seeks to rebuild its economy. Renewable energy is one of the areas the government is looking to court investors on. According to the Libya Renewable Energy Strategic Plan 2013-2025, the country targets to have renewables constitute 10% of the country’s energy mix by 2025.
Commenting on the country’s energy sector investment landscape during the Libya Energy & Economy Summit, Patrick Pouyanné, Chairman & CEO of TotalEnergies said; “We aim to assist the country in building a more sustainable future through a better use of the country’s natural resources, including solar energy, which will directly improve the accessibility of cleaner, more reliable and more affordable electricity to the Libyan people.”