Featured in Solar leads the European recovery – 06-2020

What Lebanon’s default means for PV

Lebanon failed to make a bond payment of $1.2 billion due on March 9 – the first sovereign default in the country’s history. pv magazine looks at how Lebanon’s debt troubles are now starting to affect the development of renewable energy.

By

Ilias Tsagas

15 Jun 2020

IBC Solar Premium Partner Smart Age installed this 60 kW off-grid system at the Feelwood Village Compound, located in Baabdat, a mountain village close to Beirut. The array utilizes 230 multi-crystalline modules and 48 batteries. The owner’s aim was to reduce daytime diesel generator usage. | Image: Smart Age

Hassan Diab, Lebanon’s prime minister, explained the situation in a televised address in early March. “The debt has become bigger than Lebanon can bear, and bigger than the ability of the Lebanese to meet interest payments,” he said. On March 9, the country defaulted on a $1.2 billion eurobond.The government’s debts account for more than …

This article is part of pv+

Subscribe digitally to unlock exclusive investigative reporting, expert insights, in-depth analysis, and premium background coverage. Your subscription also includes full access to the digital edition of our magazine.