The solar photovoltaic programme will be designed to produce 500 MW in its first phase
By 2030, Libya aims for 22% of electricity generation to come from renewable energy.
W Solar Investment, the leading investment company in the renewables energy industry, and a subsidiary of Alpha Dhabi Holding, 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 Libya.
Under this MoU, W Solar will invest in the green energy sector in Libya, by building solar photovoltaic power generation plants and selling the net delivered energy from the plants to the Libyan government. The MoU is a significant business collaboration step between the public and the private sector in the green energy area.
“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,” remarked Weam Elabdelie, Chairman, Board of Directors, General Electricity Company, Libya.
“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,” commented Zafar Muhammad, CEO, W Solar.
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.
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