UAE's W Solar plans to add 2 GW of solar in Libya
- W Solar Investment, a subsidiary of UAE-based Alpha Dhabi Holding, is preparing to construct solar photovoltaic or pv (PV) plants in Libya as part of a partnership with the state-owned General Electricity Company of Libya (GECOL), targeting the release of 2 GW of solar capacity in the long-term.
Both companies authorized a memorandum of understanding (MoU) on Monday that envisages the installation of 500 MW in the first phase of the programme.
W Solar will certainly possess and operate the plants for 25 years from the start of manufacturing as well as will market the solar electricity to the Libyan government.
" This is a landmark agreement for W Solar as we aim to grow our operations in Africa and establish long-lasting relationships with key partners," stated W Solar's chief executive Zafar Muhammad
Talking about the partnership, GECOL's chairman Weam Elabdelie claimed: "There's no doubt that the MoU with W Solar is important to the financial reform for the renewable resource field in Libya. The Libyan Government has actually been revealing a significant objective to develop renewable resource. As we get on with unleashing investments in the renewable energy market, having a partner like W Solar will definitely assist speed up the nationwide green power agenda."
The take care of W Solar comes on the heels of another large-scale solar project in the North African country that was released previously this month. A 500-MW solar park will certainly be integrated in the northern area of As-Saddadah by French multi-energy team TotalEnergies SE (EPA: TTE) in cooperation with GECOL. It is the first and biggest of its kind in Libya, according to the state-owned power company.
Libya seeks to increase the share of renewables in electricity generation to 22% by 2030 and also the federal government is working on a plan for the development of renewable resource to tap the potential of solar and also wind power throughout the country.