The Renewable Energies Authority of Libya (REAoL) collaborated with the US Agency for International Development (USAID) to provide training to REAoL personnel on the management of renewable energy project auctions.
It is understood that the training provided detailed guidance on a range of auction types for renewable energies, as well as examining in-depth best practices on the composite steps of such auctions.
Importantly, the training also examined model cases of successful renewable energy auctions held in other countries, with the purpose of learning real-world tested techniques and processes.
Although the training that was provided falls under REAoL’s plans to improve its own institutional performance, it more broadly provides a key indicator of Libya’s growing preparedness to develop and manage renewable energy projects in the future. While the country has its sights clearly set on increased international prominence in the traditional energies market in the short-term, it is also quickly gathering pace in evaluating and starting to build on its (significant) renewable energy potential.
The international community, too, is developing an increased interest in Libya’s renewable potential. Earlier this year, the International Monetary Fund (IMF) resumed its annual consultation process with Libya after a decade-long hiatus, and as part of its report on this year’s consultation, highlighted recommendations for Libya to diversify into renewable energies, among other sectors, so as to shore up its hydrocarbon-reliant economy for the future.
This latest move to bring REAoL practices and performance in line with international guidance and standards certainly illustrates the increasing attention Libya is giving to its potential in this arena, and the possibilities for international projects and engagements.
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.