Renewable energy in Libya receives Emirati investments

الطاقة المتجددة في ليبيا تتلقى استثمارات إماراتية

Despite the delay in the renewable energy sector in Libya compared to neighboring countries, Tripoli has recently started an ambitious plan to solve the electricity crisis through expanding clean energy projects.

After days of implementing the largest solar power station in the country led by the French company Total, the Libyan Electricity Company signed a memorandum of understanding with an Emirati company today, Monday, June 27, 2022, to invest in the renewable energy sector in Libya.

Strategic partnership

The memorandum of understanding, signed by “W Solar” company specialized in renewable energy industry and one of the Alpha Dhabi Holding companies, with the General Electricity Company in Libya, aims to develop a strategic partnership and long-term cooperation in the renewable energy sector in Libya.

Under the memorandum of understanding, “W Solar” will invest in the green energy sector in Libya by building solar power generation stations and selling the net energy provided by the stations to the Libyan government.

The memorandum of understanding is an important trade cooperation between the public and private sectors in the field of renewable energy in Libya.

The Chairman of the Board of Directors of the General Electricity Company in Libya, Wiam Al-Abdali, said that the memorandum of understanding with “W Solar” is important for the development of the renewable energy sector in Libya.

This comes in conjunction with efforts to increase the share of clean energy in the country by unleashing investments in the renewable energy sector in Libya.

Al-Abdali pointed out that having a partner like “W Solar” will definitely help accelerate the national green energy agenda.

Details of cooperation projects

On his part, the CEO of “W Solar”, Dhafer Mohammed, said: “This is a historic agreement for the company, as we look forward to developing our operations in Africa and establishing long-term strategic partnerships with key partners.”

He added: “Through the memorandum of understanding, W Solar enters a new stage of growth, and we are committed to taking this cooperation to the next level.”

The solar energy program will be designed to produce 500 megawatts in its first phase, with a long-term goal of 2000 megawatts. W Solar will own and operate the project for a period of 25 years from the start of production.

By 2030, Libya aims to generate 22% of its electricity through renewable energy. It is in the process of implementing the national energy efficiency action plan and is a member state of the Regional Center for Renewable Energy and Energy Efficiency since 2008.