The firm’s long-term target is to build 2,000MW of solar capacity in the North African country
Alpha Dhabi Holding subsidiary W Solar Investment has signed a memorandum of understanding (MoU) with the General Electricity Company of Libya (Gecol) to develop the 500MW first phase of a solar photovoltaic project in Libya.
The long-term target is to build 2,000MW of solar capacity, according to W Solar.
The firm will own and operate the project for 25 years from the start of electricity production.
The MoU with W Solar is important to the economic reform for the renewable energy sector in Libya, according to Gecol chairman Weam Elabdelie.
“The Libyan Government has been showing a serious intention to develop renewable energy… having a partner like W Solar will definitely help accelerate the national green energy agenda.”
Libya has under 10MW of operational renewable energy capacity. It aims for 22 per cent of its electricity generation to come from renewable energy by 2030.
Prior to this announcement, active, planned solar and wind schemes in the country are valued at an estimated $845m, according to MEED Projects data.
In January, Masdar and W Solar Investment formed a joint venture company to pursue 8,000MW of clean energy projects in Africa and the Commonwealth of Independent States.
The total capacity of these pre-identified projects is more than 8,000MW. The joint venture company will also explore and develop other opportunities to meet the shareholders’ clean energy objectives.