38674
PRICO FOR OPERATION AND MAINTENANCE LTD
Jun 5, 2017
West Bank and Gaza
Middle East
Jul 24, 2017
B - Limited
Completed
Apr 8, 2025
Regional Industry INF MCT
Infrastructure
Approved : Jul 27, 2017
Signed : Dec 11, 2017
Invested : Mar 19, 2020
Solar - Renewable Energy Generation
Blended Finance
The proposed investment is for the financing of a 7 megawatt peak rooftop photovoltaic (“PV”) solar energy project to provide the Gaza Industrial Estate (“GIE”) with a source of domestic power generation (the “Project”). The project will be developed by two special vehicles, one based in the West Bank and one in Gaza, to attend to the various aspects of the financing and operation of the project. The two special vehicles are wholly owned subsidiaries of the Palestine Real Estate Investment Company (“PRICO or the “Client”). PRICO is a company organized under the laws in force in the West Bank Palestinian Territories.The project is expected to provide up to 80 percent of expected electricity needs of GIE at a price substantially lower than the alternatives. GIE is connected to the grid and will enter under a net metering agreement with local distribution company Gaza Electricity Distribution Company (GEDCO).
This project is proposed as an integrated World Bank-IFC investment with the World Bank providing investment co-financing for an expected 10 percent of the project costs through its “Finance for Jobs” (F4J) Series of Projects (SOP). The project is expected to help alleviate the ongoing electricity shortage in Gaza, which has electricity availability averaging only 8 hours a day.
For Inquiries About the Project, Contact
For Inquiries and Comments About IFC, Contact
Local Access of Project Documentation
Please contact:
Name: Mohammad Alterawi
Title: Head of Infrastructure and Renewable Energy Department
Company: Palestine Real Estate Investment Co.
Address: Almasyoun, PADICO House, 4th Floor, Ramallah
Mail to: m.terawi@prico.ps
Website: www.prico.ps