W Solar Investment, a renewables energy company, will invest in the green energy sector in Libya by building solar photovoltaic power generation plants and selling the net delivered energy from the plants to the Libyan government.
The company, a subsidiary of Alpha Dhabi Holding, signed on Sunday a Memorandum of Understanding with the General Electricity Company of Libya (GECOL) to develop a strategic long-term partnership in the renewable energy sector in the country.
The MoU is a significant business collaboration between the public and private sectors in the green energy area.
The solar photovoltaic programme will be designed to produce 500 MW in its first phase with a long-term target of 2000 MW, where W Solar Investment will be owning and operating the project for 25 years from the start of production.
By 2030, Libya aims for 22 percent of electricity generation to come from renewable energy.
“There’s no doubt that the MoU with W Solar is important to the economic reform for the renewable energy sector in Libya,” Weam Elabdelie, Chairman of the Board of Directors, General Electricity Company of Libya said. “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.”
Zafar Muhammad, CEO W Solar, termed the agreement landmark saying it was part of the company’s expansion 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,” he said.