Mon 27-06-2022 10:11 AM
ABU DHABI, 27th June, 2022 (WAM) -- "W Solar" Investment, an investment company in the renewables energy industry and a subsidiary of Alpha Dhabi Holding, today signed a Memorandum of Understanding with the General Electricity Company of Libya (GECOL) to develop a strategic long-term partnership 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 considered a significant business collaboration step between the public and private sectors in the green energy area.
Weam Elabdelie, Chairman of the 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."
"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," Zafar Muhammad, CEO W Solar, commented.
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. By 2030, Libya aims for 22 percent of electricity generation to come from renewable energy. Libya is also in the process of implementing its NEEAP. Libya has been an RCREEE member state since 2008.