Lebanon seeks funds for 375 megawatts of licensed renewable energy projects – Minister

Lebanon seeks funds for 375 megawatts of licensed renewable energy projects – Minister

Lebanon has a portfolio of 14 renewable energy projects totaling 375 megawatts (MW) that have been licensed and are looking for funding, Walid Fayad, Minister of Energy and Water, Lebanon said.

“There are 11 solar projects worth 165 MW and three wind projects worth 210 MW that have been given licenses, but the problem is financing. Funding through local banks is not available and funding through international banks is predicated on going ahead with the IMF programme.”

“In order to unlock the funding, we must reform electricity tariff. The other issues are security of investment, recovery of investment from a macroeconomic and financial sector perspective,” he said while speaking at Siemens’ MEA Energy Week.

He said the government has set a 30 percent renewable energy production target by 2030 and lifted energy subsidies opening the space for private sector to fund these energy projects.

“It’s up to the market to prioritize the available opportunities”.

On gas deals

Commenting on the status of the gas and electricity deals signed between Egypt, Jordan, Syria and Lebanon this year, he said “The US administration is supportive of these strategic deals. The US representatives have assured to work towards getting a final assurance from the US administration about the Caesar