W Solar will own and operate the projects for the first 25 years, and sell the net delivered energy from the plants to the Libyan government
Abu Dhabi-based W Solar Investment announced a plan to invest in the green energy sector in Libya by building solar photovoltaic power generation plants.
The solar photovoltaic program will be designed to produce 500 MW in its first phase, with a long-term target of 2000 MW.
W Solar Investment will own and operate the projects for the first 25 years, and sell the net delivered energy from the plants to the Libyan government.
The solar photovoltaic plants are part of a memorandum of understanding (MoU) signed between W Solar, a subsidiary of Alpha Dhabi Holding, and the General Electricity Company of Libya (GECOL) to develop a strategic long-term partnership and collaboration in the renewable energy sector in Libya.
The MoU is considered to be a significant business collaboration step between the public and the private sector in Libya’s green energy area.
W Solar is a joint venture of Alpha Dhabi Holding PJSC (ADH) and Abu Dhabi Developmental Holding Company (ADQ).
Weam Elabdelie, chairman of board of directors, General Electricity Company of Libya, said the MoU with W Solar was 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,” Elabdelie said.
Zafar Muhammad, chief executive officer of W Solar, said this was a landmark agreement for the company as it looks to grow 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,” he added.
By 2030, Libya aims for 22 percent of electricity generation to come from renewable energy.
Libya is also in the process of implementing its National Energy Efficiency Action Plan (NEEAP) is a strategic national plan framework that helps Arab countries to apply energy efficiency targets.
Source: arabianbusiness
