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The energy minister of Lebanon, Walid Fayyad announced that 11 companies have been granted licences to build solar plants capable of generating 15 megawatts each.
Minister said that the companies will have one year for securing the funding applicable for both local and international companies.
Since 1990, Lebanon has been experiencing constant power outages after a 15-year civil conflict that ended in 1990. Many families have had to rely on private generators and the state’s electricity infrastructure.
Lebanon’s government was unable to run its power plants and subsidize fuel imports due to the economic crisis. These stations could only partially meet the energy needs of Lebanon, which exceeds 3,000 MW.
Fayyad stated that the construction of solar plants in the country would be a good sign on an international level as countries are asking Lebanon for reform in its energy segment. This sector has increased the country’s public borrowing by tens to billions of dollars.
Fayyad stated that solar production would cost around 3.6 to 5.7 cents per Kilowatt hour, as opposed to the 10 to 15 cent cost of generation via fuel.
According to the minister, he will travel to Syria to negotiate a deal to import Egyptian gas through Syria. This is a project that has been backed by the U.S. as well as World Bank financing.