The executive manager of an Algerian state-owned energy company, Mustafa Qaytouni, said yesterday that his country is hosting the 15th meeting for the Global Energy Club, Anadolu Agency reported.
Qaytouni said that his country was planning to launch a large project to produce renewable electricity. The plan's announcement will reportedly be made during the GEC's meeting, netting an investment of $120 billion.
Speaking to Algerian radio, Qaytouni said that the first stage of the project should produce 4,000 megawatts from alternative energy sources and 500 megawatt from wind power.
Algeria has been seeking to accelerate its transition to alternative energy sources in order to reach a level through which it could preserve part of its fossil fuel energy for future generation.
The project, which was approved in May 2015, is planned to produce 22,000 megawatt of renewable energy by 2030.
Due to the dramatic decline in oil prices in recent years, Algeria is looking for a new energy model. The project is expected to produce up to 27 per cent of Algeria's electricity needs.