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Ministry of Economy Discusses Renewable Energy Sector Development

Pulbished on:

Tripoli - July 3, 2026 (LANA) – A meeting was held yesterday at the Ministry of Economy and Trade of the Government of National Unity, bringing together the Minister of Economy and Trade, Suhail Boushiha, and the Chairman of the Board of Directors of the Renewable Energy Authority, in the presence of the Chairman of the Board of Directors of the Renewable Energy Holding Company, the company's Director General, and a number of officials and specialists. The meeting discussed mechanisms for developing and financing renewable energy projects and related exemptions by opening investment and subscription opportunities to the private sector and citizens.

The meeting also explored ways to enhance cooperation among relevant entities to provide a supportive legislative and regulatory environment, thereby attracting investments and strengthening the renewable energy sector's contribution to economic development.

The Renewable Energy Holding Company announced the commencement of discussions regarding the establishment of a Special Purpose Vehicle (SPV) to develop a strategic project for generating electricity from renewable energy sources with a capacity of 100 megawatts, with estimated investments of 500 million Libyan dinars.

The project aims to contribute to energy security and diversify electricity production sources by developing a modern power plant and connecting it to the national electricity grid in accordance with internationally recognized best technical and environmental practices.

During the meeting, proposed financing mechanisms for the project were reviewed, including the issuance of investment bonds for public subscription. This aims to broaden national participation in infrastructure and sustainable energy projects and enhance the role of the private sector and the capital market in financing development projects.

Participants emphasized the importance of expediting the completion of related regulatory and administrative procedures, particularly the establishment of a tariff for purchasing electricity generated from renewable energy sources by the national electricity grid. This is considered a fundamental pillar for finalizing the project's economic and financial feasibility study and attracting investors and financing institutions.

This project aligns with the national strategy to increase the contribution of renewable energy to the energy mix and capitalize on Libya's significant potential in solar energy. This will contribute to reducing production costs and achieving long-term economic and environmental sustainability.

=Lana=