Abu Dhabi investment company, Alpha Dhabi has entered into a deal with General Electricity Company of Libya (GECOL) for a ‘strategic long-term partnership’ in Libya’s renewable energy sector.
The deal involves Alpha Dhabi’s subsidiary W Solar Investment. It signed a Memorandum of Understanding (MoU) with GECOL to build solar photovoltaic power generation plants in Libya and sell the net delivered energy to the Libyan government.
The project is set to produce 500 megawatts (MW) during the first phase and 2,000 MW over the long term. W Solar will own and operate the project for 25 years from the start of production. By 2030, Libya aims for 22 percent of electricity generation to come from renewable energy.
Mr. Weam Elabdelie, Chairman of the Board of Directors, GECOL said that “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.”
“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,” Mr. Zafar Muhammad, CEO of W Solar, commented.
“The MoU is considered to be a significant business collaboration step between the public and the private sector in the green energy area, as part of a strategy to expand operations in North Africa,” Alpha Dhabi said in a statement.
