W Solar Investment, a subsidiary of Alpha Dhabi Holding and the world’s largest investment company in the renewable energy sector has signed an agreement with the General Electricity Company of Libya, (GECOL), to establish a long-term strategic partnership and collaborate in Libya’s renewable energy sector.
W Solar and the Libyan government will jointly invest in the green energy sector of Libya under this MoU. W Solar will build solar photovoltaic power plants and sell the energy generated to the Libyan government. This MoU represents a significant step in the business collaboration between the public sector and the private sector in green energy.
Weam Elabdelie, Chairman of the Board of Directors, General Electricity Company of Libya, said, “There’s no doubt that the MoU with W Solar 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.”
From his end, Zafar Muhammad, CEO of W Solar, said, “This is a landmark agreement for W Solar 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.”
The first phase of the solar photovoltaic project will produce 500 MW. W Solar Investment will then own and operate the project for 25 years after it starts production. Libya’s 2030 goal is to have 22% of its electricity generated from renewable energy. Libya is currently implementing its NEEAP. Since 2008, Libya is a member of the RCREEE.