/11th March 2014, RENEWABLE MARKET WATCHTM/ Libya represents an interesting investment opportunity in North Africa with announced plans to produce 20 % of its electricity from renewable energy sources (mostly solar) by 2020. Current cumulative installed PV capacity in the country is insignificant, but many fully permitted and ready to build project will increase.
Libya is currently fully oil and gas depended country. It is ranked at first place by oil reserves and fourth place in gas reserves in Africa. On the other side, Libya has very high daily solar radiation rate, which in the summer months ranges from 7 kWh/m²/day in coastal areas to 8.1 kWh/m²/day in the south part of the country.
A lot of work should be done by the government to utilize the country's excellent solar resources. In 2013 Libyan transitional government announced plans to produce 20 % of its electricity from renewable energy sources (mostly solar) by 2020. Libya has enough potential to cover all of its own electricity needs from solar power and export clean renewable electricity.
In 2012 Renewable Energy Authority of Libya (REAOL) published the National Plan Plan for Development of Renewable Energy in Libya for 2013 - 2025. By 2015 the country will select proven and mature renewable technologies, which will not significantly burden the public budget. Short term vision of Libya is to build 85 MWp solar PV projects by 2015/2016. Some of these projects will be supported mostly from the public budget, some of them from private investors.
More information about Libyan solar PV market you may read here: Libya Photovoltaic (Solar PV) Market: Outlook 2013 - 2018