The Renewable Energy Authority of Libya (REAOL) today agreed to a partnership with the organizers of the Libya Energy & Economic Summit that will highlight Libya’s renewable energy opportunities and promote a better understanding of the sector for international and local investors.
REAOL is instrumental in forming policies that promote renewable energy production in Libya. The organization implements projects, supports and encourages the renewables industry, and evaluates the potential for future projects. It is a key factor in providing a secure energy supply in Libya and, in the future, further afield.
Libya is a country where the renewable energy resources are promising for the development of its remote and isolated regions. Unfortunately, commercial use of renewable energy in Libya has not developed in proportion to its large resource base.
Libya is well placed to exploit this new resource. Due to its location in the heart of the sun belt, one year of solar radiation on each kilometer of land produces energy equivalent to 1.5 million barrels of crude oil. Therefore, the utilization of renewable energy requires a national plan in order to make it commercially attractive. This is what the new partnership will foster.
The Libya Energy & Economic Summit is organized by Energy Capital & Power (ECP) and is now in its second edition in 2023. In the inaugural 2021 conference, TotalEnergies signed an agreement with the General Electricity Company of Libya (GECOL) to build 500 MW of solar generation capacity. The initiative was launched by TotalEnergies, GECOL, and REAOL in June 2022.
The summit will take place on 8-9 November 2023 and will place a strong emphasis on renewable energy, as well as hydrocarbons, financing, infrastructure, and more. Abdusalam Elansari, REAOL’s Chairman and his team met with James Chester, Senior Director of ECP; local partner Ahmed Al Ghazali, VP of AmCham Libya; and Debbie Hirst, President of AmCham Libya.
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