Algeria and Germany set up a joint venture on renewable energies on Monday, according to a press release by Eurosol group.

The joint venture, called ALENER-EUROSOL, was signed on the occasion of the fourth International Clean and Renewable Energy Fair, "ERA 2013," which takes place during Oct. 28-30 in the Algerian province of Oran.

The newly formed company will focus on clean energy, particularly solar energy, said the press release.

Although Algeria managed to increase electricity coverage across the country from 41 percent in 1970 to 99 percent in 2011, it still faces power shortage due to growing demand.

Last year, Algeria earmarked a 40 billion U.S. dollar budget for a middle term plan that runs until 2019 in the hope of increasing the country's power capacity. The government aims at generating 40 percent of its domestic power from renewable energy as by 2030.

On Sept. 22, the CEO of state-run gas and electricity group Sonelgaz, Noureddine Bouterfa, said that Algeria plans to construct six new power plants by 2017. Endi

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