Algeria Seeks Partners for $60 Billion Renewables Plan, FTD Says

Algeria is seeking partners to carry out a $60 billion shift to clean-energy sources, Financial Times Deutschland reported, citing Noureddine Boutarfa, the head of state-owned energy group Sonelgaz.

Sonelgaz has a target to supply 40 percent of the nation’s power demand with renewables by 2030, the German newspaper said. While German companies are welcome to team up with Sonelgaz because of their technological expertise, they must bid at competitive prices, Boutarfa told FTD.

Algeria is Africa’s largest natural-gas producer. It would rather export more gas and invest the proceeds in clean-energy generators that create jobs at home, than sell subsidized fuel domestically to meet growing demand, the newspaper said.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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