W Solar Investment, a leading renewable investment firm, will invest in the green energy sector in Libya by building solar photovoltaic power generation plants and selling the net delivered energy to the Libyan government.

 

The solar photovoltaic programme will be designed to produce 500 MW in its first phase with a long-term target of 2000 MW, where W Solar Investment will be owning and operating the project for 25 years from the start of production.

 

For this, W Solar, a subsidiary of Alpha Dhabi Holding, has signed a memorandum of understanding (MoU) with the General Electricity Company of Libya (GECOL) to develop a strategic long-term partnership and collaboration in the renewable energy sector in Libya, which aims to generate 22% of its electricity from renewable energy by 2030.

 

PP collaboration

The MoU is considered to be a significant business collaboration between the public and the private sector in the green energy area.

 

Weam Elabdelie, Chairman of Board of Directors, General Electricity Company of Libya, said: "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. 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."

 

Zafar Muhammad, CEO W Solar, said: "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." 

 

Libya, which has been an RCREEE member state since 2008, is also in the process of implementing its NEEAP.-- TradeArabia News Service