W Solar Investment, a unit of Abu Dhabi-based International Holding subsidiary Alpha Dhabi, signed a preliminary agreement with the General Electricity Company of Libya (Gecol) to invest in the North African country's renewable energy sector.
The companies aim to build solar photovoltaic power station and sell the energy produced to the Libyan government, Alpha Dhabi said in a filing on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
The plant is expected to generate 500 megawatts in the first phase and, ultimately, 2,000MW in the long term. The terms of the deal were not disclosed.
“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, chief executive of W Solar, which will be owning and operating the project for 25 years from the start of production.
“With this, W Solar is entering a new growth phase and we are committed to bringing this co-operation to the next level.”
As with other countries, Libya, is boosting its efforts to diversify its energy mix and harness the potential of the solar and wind power-producing industries.
Nine years ago, Tripoli unveiled its Renewable Energy Strategic Plan for 2013 to 2025, which aims to achieve a renewable energy contribution to its electric energy mix of 7 per cent by 2020, 10 per cent by 2025 and 22 per cent by 2030.
Among the major green energy projects in the country are a 50MW renewable energy plant in Bali Walid, a solar plant in Tajoura with a peak capacity of 62 kilowatts and a 100MW solar PV plant in Soura, in addition to other public-private partnership projects designed to produce 2,000MW of renewable power in the coming years, according to investment platform Energy Capital & Power.
Overall energy investments in the Mena region are expected to grow by 9 per cent over the next five years to more than $879 billion, according to the Arab Petroleum Investments Corporation.
The agreement between W Solar and Gecol is considered to be a significant step in business collaboration between the public and the private sector in the green energy sector.
W Solar's investment in Libya is also key to the North African country's economic reforms, said Gecol chairman Weam Elabdelie.
“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,” he said.
W Solar, as is the case with other Abu Dhabi-based renewable energy companies, is expanding its portfolio in the sector.
In January, it signed an agreement with Masdar to form a joint venture company, MW Energy Limited, which aims to develop clean energy projects in a range of locations.
Alpha Dhabi, which was previously known as Trojan Holding, has grown into a regional conglomerate.
It was listed on the ADX in June 2021 and has been on an expansion spree since then, tapping into a number of important industries as it grows globally.
UAE currency: the story behind the money in your pockets
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Pearls on a Branch: Oral Tales
Najlaa Khoury, Archipelago Books
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Wednesday and the pair embraced but he failed to give her his backing as she cried a day earlier.
A spokesman said her upset was due to a personal matter.
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UAE currency: the story behind the money in your pockets
Company%20Profile
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More from Rashmee Roshan Lall
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Brief scores:
Everton 0
Leicester City 1
Vardy 58'
