In 2021, the Renewable Energy Authority of Libya (REAoL) made a major announcement about transitioning the country’s energy portfolio towards renewable sources. In June 2022, Total Energies, in collaboration with the General Electricity Company of Libya (GECOL) and REAoL, launched the Sadada Solar Energy 500 MW project in Al-Sadada, which is set to become the largest of its kind in the country.
Unlocking Libya’s Potential for a Diversified Energy Portfolio
Libya’s position as a country with abundant oil reserves and an average of 3,200 hours of sunshine per year presents a unique opportunity for a diversified energy portfolio. The Sadada solar power project, by providing more reliable and cleaner electricity, will not only stimulate economic growth and create new job opportunities, but also pave the way for a more diversified energy mix.
Total Energies’ Commitment to Sadada Solar Energy Project
Total Energies, in collaboration with the Libyan authorities, is currently in commercial discussions to prepare for the final agreements and accelerate the start of the project. The company’s managing director, Pascal Bréant, expressed confidence in the project’s progress, noting that the strong commitment of the highest-level authorities and Total Energies will allow for manoeuvring the legislative and administrative framework.
Benefits of Renewable Energy Development in Libya
The shift towards renewable energy is a crucial step for Libya to reduce its reliance on oil exports and increase energy security. The country’s vast oil reserves can support a gradual transition towards renewable sources, ensuring a sustainable revenue stream while mitigating the economic risks associated with fluctuations in oil prices. The Sadada solar power project is one of the first steps towards a more diversified energy portfolio, with the potential for further investments in wind and ocean energy.
The Sadada solar power project is a significant milestone for Libya’s transition towards renewable energy, providing a catalyst for economic growth and job creation while reducing the country’s reliance on oil exports. Total Energies’ commitment to the project, together with the strong support of the Libyan authorities, highlights the potential for further investments in renewable energy in the country. By diversifying its energy portfolio, Libya can mitigate the economic risks associated with fluctuations in oil prices, increase energy security and meet its sustainability goals.
Euro-Libyan Trade Center
The Euro-Libyan Trade Center is playing a key role in Libya’s transition towards renewable energy by advocating for and connecting investors with opportunities in the sector. As a catalyst for economic development, the center provides valuable information and resources to support the growth of renewable energy projects. By empowering businesses and communities, the center is helping to create a sustainable future for Libya, one that reduces reliance on oil exports, increases energy security, and meets sustainability goals. As Libya continues on this path towards a more diversified energy portfolio, the Euro-Libyan Trade Center will remain a vital partner in driving economic growth and prosperity in the region.
