The General Electricity Company of Libya (GECOL) has signed a memorandum of understanding (MoU) with W Solar Investment company of the United Arab Emirates (UAE) to build a solar photovoltaic plant.
UAE news agency said the solar photovoltaic program will be designed to produce 500 megawatts in its first phase with a long-term target of 2000 megawatts, where W Solar Investment will be owning and operating the project for 25 years from the start of production.
The CEO of GECOL Wiam Al-Abdeli, who signed the MoU in Abu Dhabi despite a government order to suspend him from his position and place him under administrative investigation, said this MoU is important for the economic reform of the renewable energy sector.
Al-Abdeli said the Libyan government showed a serious intention for developing the renewable energy sector by launching investments, adding that having a partner like W Solar company will help speed up the green energy agenda in Libya.
The CEO of W Solar, Zafar Mohammed, said this is a landmark agreement for them, as they look to grow their 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.” He said.
By 2030, Libya aims for 22% of electricity generation to come from renewable energy. Libya is also in the process of implementing a national work plan for energy efficiency.
