Abu Dhabi’s W Solar to invest in Libya’s renewable energy sector

UAE-based W Solar Investment, a subsidiary of Alpha Dhabi Holding, which invests, develops, owns, operates and transfers renewable energy power plants through its subsidiaries, has signed an 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.

As part of this agreement, W Solar will invest in the green energy sector in Libya; it will build solar photovoltaic power generation plants and sell the net delivered energy from the plants to the Libyan government.

The agreement marks an important step in the collaboration between the public and the private sector 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 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.”

Zafar Muhammad, CEO W Solar, said, “This is a landmark agreement for us, 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.”

W Solar has also signed several agreements to implement and co-invest in renewable energy projects in several countries in Africa, Asia, and Europe.

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 per cent 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.

In other news, Abu Dhabi has invited companies to develop and bid for a stake of up to 40 per cent in a new solar project, as the capital of the UAE bolsters its renewable energy capacity and tries to neutralise carbon emissions by 2050. Abu Dhabi already has two parks that will have a capacity of 3.2 GW when fully operational.

Read: UAE invites companies to bid for 40% stake in 1.5 GW solar plant