Stock - Alpha Dhabi
Alpha Dhabi gets a 25-year concession for the solar project in Libya, which could see capacity reach up to 2,000MW. Image Credit: WAM

Dubai: Abu Dhabi investment company Alpha Dhabi has stepped up its North Africa push, confirming a deal with General Electricity Company of Libya (GECOL) for a ‘strategic long-term partnership’ in Libya’s renewable energy sector. The deal involves W Solar Investment, which is a subsidiary of Alpha Dhabi.

“The Libyan Government has been showing a serious intention to develop renewable energy,” said Weam Elabdelie, Chairman of General Electricity Company of Libya. “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,"

The solar photovoltaic program will be designed to produce 500MW in the first phase and with a long-term target of 2,000MW. W Solar Investment will be owning and operating the project for 25 years from the start of production.

By 2030, Libya aims for 22 per cent of electricity generation to come from renewable energy.

"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," said Zafar Muhammad, CEO W Solar. "With this MoU, W Solar is entering a new growth phase, and we are committed to bringing this cooperation to the next level."

A ready buyer for solar energy
W Solar will invest in the green energy sector in Libya, by building solar photovoltaic power generation plants and selling the net delivered energy to the Libyan government. "The MoU is considered to be a significant business collaboration step between the public and the private sector in the green energy area," the Alpha Dhabi statement said.