The rollout of renewable energy in Lebanon is sputtering due to the lack of financing, energy minister Walid Fayad said in a speech delivered at the Siemens Energy’s MEA Energy Week virtual conference on Monday.
As many as 14 projects, including 165 MW of solar and 210 MW of wind, have received permits but the lack of financing poses an obstacle to their implementation, Fayad said as cited by business news provider Zawya.
The minister explained that financing from local banks is currently not available while the financing from international banks depends on the International Monetary Fund (IMF).
In May, the Lebanese government granted licenses for 11 solar projects each with a capacity of 15 MW.
The licenses were issued to 11 local and international companies that have won competitions for new solar plants over the last few years. Now, these companies have a year to secure the necessary financing.
Lebanon, which has been struggling with a power shortage for years, aims to obtain 30% of its electricity supply from renewables by 2030.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.