UAE-listed conglomerate Alpha Dhabi will invest in Libya’s green energy sector through its subsidiary W Solar Investment, as part of a strategy to expand operations in Africa.
W Solar Investment on Monday signed a memorandum of understanding with the General Electricity Company of Libya (GECOL) to develop a long-term partnership in Libya’s renewable energy sector, Alpha Dhabi said in a statement to the stock exchange. of Abu Dhabi (ADX).
Under the agreement, the investment company will build photovoltaic solar power generation plants and sell the net energy delivered to the Libyan government.
The project is expected to produce 500 megawatts (MW) during the first phase and 2,000 MW in the long term. W Solar will own and operate the project for 25 years from the start of production.
The agreement is important for the “economic reform” of Libya’s renewable energy sector. “The Libyan government has shown a serious intention to develop renewable energy,” said Weam Elabdelie, Chairman of the Board of GECOL.
Libya aims to produce 22% of its electricity from renewable energy by 2030.
(Writing by Cleofe Maceda; editing by Seban Scaria)