TotalEnergies lands 500MW Libyan solar PV project alongside US$2bn oil and gas investments

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
TotalEnergies will develop a 500MW solar PV project in Libya under the agreement Image: TotalEnergies

French energy giant TotalEnergies has won new contracts in Libya that include the development of a 500MW solar PV project, although it will also see the company pour US$2 billion into crude oil production and invest in gas extraction.

Among the signed agreements is a Memorandum of Understanding (MoU) between TotalEnergies and the General Electricity Company of Libya for the development a 500MW solar park that will supply electricity to the national grid.

The solar park deal was dwarfed by TotalEnergies’ additional investments in oil and gas announced at the same event.

TotalEnergies said the Libyan government has approved the joint acquisition of the 8.16% interest held by the oil company Hess in the country’s Waha concessions by TotalEnergies and fossil fuel company ConocoPhillips, increasing TotalEnergies’ stake in the concessions to 20.41%.

During the Libya Energy & Economy Summit, TotalEnergies agreed to develop the production capacity of the Waha concessions via a US$2 billion investment, including in the 100kbpd North Gialo project.

Moreover, it said it would invest in gas gathering projects in the region.

“We are thus leveraging our leadership position in the region, where the lowest-cost hydrocarbons are produced, to pursue our development in renewable electricity,” said TotalEnergies chairman and CEO Patrick Pouyanné.

Read Next

PV Tech Premium
October 22, 2021
Average winning solar bids in Spain’s renewables auction this week came in above those for wind as interest among PV bidders faltered against a backdrop of rising equipment costs and regulatory uncertainty.
October 19, 2021
Shortlisted bids in Saudi Arabia’s latest solar tender have jumped significantly on the lowest price recorded in the country’s previous renewables programme, reflecting the hikes in PV equipment costs in recent months.
October 6, 2021
Spanish oil and gas major Repsol has increased its 2030 renewables target to 20GW, the bulk of which is expected to be solar PV, as part of efforts to reach net zero emissions by 2050.
September 27, 2021
Solar developer 174 Power Global and oil and gas company TotalEnergies have started construction of an 80MW behind-the-meter PV project in Texas.
September 20, 2021
Australian companies plan to spend AUS$5.1 billion (US$3.7 billion) on offshore gas exploration over the next six years, which is enough to develop 2.5GW of renewables capacity and generate close to 5,000 jobs
PV Tech Premium
September 15, 2021
Record-breaking power prices across Europe have turned the spotlight on the role fossil fuel plants play in generating electricity and how the transition to renewables-plus-storage could lower consumer bills.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal