Libya is progressing talks with Chinese solar company, PowerChina, on the establishment of a 1500 megawatt solar energy project in eastern Libya.
It is understood that a Memorandum of Understanding for the project was signed earlier in the year.
As part of the recent talks, PowerChina made site visits in Libya, including to renewable energy stations as well as energy stations that had been damaged by Storm Daniel in September. PowerChina expressed its readiness to assist Libya in the reconstruction of energy plants in the aftermath of Storm Daniel, as well as to contribute to the reconstruction of Derna and other affected areas.
The progression of talks with PowerChina signals part of a growing trend in Libya, in which the country has been looking to expand on its significant renewable energy potential. Recent renewable energy projects have been established with, among others, the state of Malta and international energy companies.
The opportunities for businesses in this sector are significant. Libya has huge renewable energy potential, most especially in solar and wind. While the country has made some headway towards capitalising on this potential, there is far more that could be done with the assistance of international energy companies, contractors and more.
Our team at Eltumi & Co specialise in energy and infrastructure projects. We track developments in these sectors in order to provide commercial legal support to businesses operating in the sector. Follow our LinkedIn page for ongoing updates and insight.