Algeria earmarks US$60 billion for renewables

9 January 2013 – Algeria’s state-run electricity and gas utility group, Sonelgaz, seeks to build 4.2 GW of renewable energy capacity by 2022. The CEO of Sonelgaz, Noureddine Bouterfa, said in November 2012 that the country would be generating 40% of its domestic power production from renewable energy by 2030. Algeria has earmarked a budget of US$60 billion for renewable energy projects.

The country also continues to try to boost its energy industry through providing incentives to foreign investors, with a hydrocarbon law in this regard to be approved. Related to this Sonatrach, Algeria’s state-run energy group announced an investment plan in oil and natural gas worth US$80 billion that extends until 2016. It includes the building of four new refineries to curb dependence on imported fuel.