iQ Power Inc. and the Libyan free-trade economic zone, Misurata Free Zone (MFZ), signed a MoU that will lead to the development of renewable energy projects. iQ Power Inc. is a US company established with a sole purpose to develop renewable energy and sustainable development in the MENA region in compliance and furtherance of the programs and directives of the United Nations SE4ALL, Mediterranean Solar Plan, U.S. Department of Energy and USAID Power Africa.
The MFZ has shown its desire to develop a photovoltaic (PV) and concentrated solar power (CSP) industry and has expressed its intent to do so. iQ Power is weighing the options of how CSP, PV or hybrid can best be utilized and optimized given the need for reliable and continuous power.
The consortium of companies have come up with a Master Project plan to develop and build on a turn-key basis the integrated PV and CSP solar power energy project(s) up to 300MW, and to bring a minimum of $500 million in foreign direct investments to the Libyan economy - a build-own-operate-transfer contract benefiting the people of Libya first and finally.
MFZ also has expressed its interest in constructing a seawater desalination plant utilizing in part or in whole solar energy as its source of energy to meet the growing needs of the city of Misurata.
Currently, Libya is becoming a supply and export platform for solar PV modules and inverters to the Middle East and African countries which have a robust pipeline of upcoming PV and CSP projects.
The envisioned project will create local jobs and local know-how and will be able to support and supply the project's expansion plans as well as export products to neighboring countries using the legal support that MFZ has based on law No. 9 of the legislation laws and decisions of MFZ.