The state General Electricity Company of Libya, (GECOL), signed an MoU with W Solar Investment, a unit of Abu Dhabi-based International Holding subsidiary Alpha Dhabi, to build solar photovoltaic power plants.
The news came through a filing on Monday to the Abu Dhabi Securities Exchange by Alpha Dhabi, where its shares are traded.
The project aims to produce 500 megawatts (MW) during the first phase and 2,000 MW over the long term.
W Solar will own and operate the project for 25 years from the start of production and sell the net energy produced to the Libyan government.
Commenting on the agreement, Wiam Al-Abdali, now former GECOL chairman, said: “There’s no doubt that the MoU 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.”
Zafar Muhammad, CEO of W Solar, said, “This is a landmark agreement for us, 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.”