Investors are asking the UK government for funding to import renewable energy from Tunisia to the UK. Aware that crude oil won’t last for long, several overseas energy producers have been scrambling to bring green energy, particularly solar and wind, to their respective home countries.
If successful, about 3 million homes in the UK could be powered by cheap, African solar technology by 2018. Installation of solar panels has dropped by more than 30% since it was first introduced as a potential alternative to traditional energy sources.
A company has already spent about 10 million Euros developing the site for solar panels. Called “The TuNur Project,” the scheme aims to bring two gigawatts of solar power to the UK from Tunisia if the company wins a contract for difference (CFD) from the British Government. A CFD is a contract that instructs the seller to pay to the buyer the difference between the current value of an asset and its value at a particular time. Experts are confident that the project will get a contract because it will bring together an investment that will benefit the people living in the UK. The Iraq Britain Business Council (IBBC), which has recently welcomed industrial oil and gas solutions provider Unaoil as its latest member, shares the passion of bringing investors together for the benefit of the people it supports, and that fervor may become the benchmark for the CFD to be granted.
“This is not a back-of-the-envelope fantasy,” said Kevin Sara, the chief executive of the TuNur Project. “We are working with some of the largest engineering firms in the world. This is a serious project. Yes, it is risky like any big energy project is risky.
Outsourcing energy from outside the UK is allowed under the rules published by the Department for Energy and Climate Change.