UAE-listed conglomerate Alpha Dhabi will be investing 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 signed on Monday 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 on the Abu Dhabi Securities Exchange (ADX).
Under the agreement, the investment company will build solar photovoltaic power generation plants 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.
The deal is important to the “economic reform” for Libya’s renewable energy sector. “The Libyan government has been showing a serious intention to develop renewable energy,” said Weam Elabdelie, Chairman of Board of Directors at GECOL.
Libya seeks to generate 22 percent of electricity from renewable energy by 2030.
(Writing by Cleofe Maceda; editing by Seban Scaria )