Abu Dhabi – Mubasher: W Solar Investment, a subsidiary of the listed Alpha Dhabi Holding, has signed a memorandum of understanding (MoU) with the General Electricity Company of Libya (GECOL) for a strategic long-term partnership and collaboration in Libya’s renewable energy sector.
W Solar will be responsible for setting up solar photovoltaic (PV) power generation plants as well as selling the net delivered energy to the Libyan government upon the deal that was signed on 27 June, according to a press release on Monday.
A total of 500 megawatts (MW) will be expected in the first phase of the solar PV programme, with a long-term target of 2,000 MW.
Under the MoU, W Solar Investment will own and operate the project for 25 years from the start of production.
CEO of W Solar, Zafar Muhammad, 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.”
Weam Elabdelie, Chairman of GECOL, noted: "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."
Libya plans to generate 22% of electricity from renewable energy resources by 2030.
It is worth noting that Alpha Dhabi Partners Holding, another subsidiary of Alpha Dhabi, recently announced a $25 million investment in SpaceX.