Lebanon aims to increase its share of renewable use to 12 percent in its total energy mix by 2020, Pierre El Khoury, general director and president of the Board of Lebanese Center for Energy Conservation (LCEC) said Thursday.
Khoury stated that Lebanon's electricity generation capacity is around 1,800 megawatts (MW) at the moment, and is broken down with 900 MW generated through combined cycle power plants, 600 MW from thermal power plants, and 300 MW generated by hydropower.
There are electricity shortfalls of around 400 to 1,000 MW depending on the season, notably in summer when electricity consumption peaks while energy demand is around 2,200-3,000 MW.
The Middle Eastern country depends heavily on oil and oil products, which constitute 90 percent of its total primary energy demand, according to the U.S.' Energy Information Administration. Around 94 percent of its oil consumption is imported, Khoury said.
Faced with such imbalances, the country is now focusing on green energy. Due to its geographical position, it wants to avail of its renewable potential through solar energy.
The national financing mechanism of Lebanon's National Energy Efficiency and Renewable Energy Action (NEERA) promotes and finances renewable energy investments and projects in the country.
'NEERA covers loans by any Lebanese commercial bank with 0.6 percent interest rate and a repayment period of up to 14 years, in addition to a grant amount released after the project is implemented,' Khoury explained.
'More than 21 MW of solar power projects are installed in the private sector, with the support of NEERA, while LCEC expects more than 40 MW of additional installations by 2016,' he said.
NEERA approved more than 312 loans, worth a total of $300 million, while it provided loans for green buildings worth $218 million to date.
'There is a clear alignment of efforts and political leadership [in Lebanon] with orchestrated development and full harmony between national actions and international support,' Khoury concluded.
By Ovunc Kutlu & Bahattin Gonultas in Barcelona
Anadolu Agency
Ovunc Kutlu
ovunc.kutlu@aa.com.tr