40641 - Massader School Rooftop PV Program

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Summary of Investment Information

Project Number

40641

Company Name

MASSADER FOR DEVELOPING NATURAL RESOURCES AND INFRASTRUCTURE PROJECTS

Date SPI Disclosed

Apr 30, 2019

Country

West Bank and Gaza

Region

Middle East

Projected Board Date

May 30, 2019

Environmental Category

B - Limited

Status

Active

Last Updated Date

Oct 6, 2022

Department

Regional Industry INF MCT

Industry

Infrastructure

Previous Events

Approved : Oct 23, 2019
Signed : Feb 19, 2020
Invested : Oct 4, 2022

Sector

Solar - Renewable Energy Generation

Additional Project Attributes

Blended Finance

Project Description

The proposed investment is for the financing of rooftop photovoltaic (PV) solar project of a capacity of up to 30 megawatt peak (MWp) to be installed on up to 500 public schools located across the West Bank (the “Project”). The Project will provide a source of domestic power generation in West Bank which is relying almost entirely on imported energy. In addition, the schools (through the Ministry of Education), will receive 18 percent of the electricity generated in lieu of their rooftops being used. The project, which will be implemented through SPVs, is being developed by Massader Company for the Development of Natural Resources and Infrastructure projects (“Massader”), a company organized under the laws in force in the West Bank. The electricity output from the Project will be sold under a 25-year PPA with multiple distribution companies (“DisCos”), which include the Jerusalem District Electricity Distribution Company, Northern Electricity Distribution Company, Hebron Electric Power Company, the Tubas Electricity Distribution Company and the Southern Electricity Company. This project is proposed as an integrated World Bank – IFC investment, with the World Bank assessing the investment for financing consideration for up to 6% of project cost.

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management	0.80
Guarantee
Loan	9.67
Equity

Development Impact

The project is expected to: (i) improve the quality and affordability of energy supply in the WB&G; (ii) reduce the average cost of energy to residential and commercial customers; (iii) benefit the government from fiscal savings as a result of avoided energy expenditures on the public schools where the rooftop solar panels will be installed; (iv) increase cleaner energy supply that is expected to result in a reduction of an estimated 30,000 tons of CO2 emissions annually; (v) contribute to market competitiveness by supporting the first large scale solar PV plant selling electricity to Discos with long term PPAs in WB&G and (vi) contribute towards the WB&G's power sector resilience through increasing use of a local renewable resources and hence reducing dependency on imports.

IFC's participation in the project would provide (i) financing to support the reconstruction efforts in West Bank given the current political situation in WB&G which has made commercial, long-term debt financing unavailable; (ii) long term financing in a country where market financing is not available in the maturities; structures and terms necessary for such infrastructure Project; (iii) concessional funding which will help the Project achieve a project finance structure to demonstrate the commercial viability of renewable energy investment in West Bank; (iv) a stamp of approval through IFC's presence and participation in the renewable energy program will boost investor confidence and comfort and (v) standard setting as IFC's involvement will introduce international best practices to the projects and support WB&G renewable energy initiatives.

E&S Category Rationale / Risks and Mitigation

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability as the E&S impacts associated with the project are limited, site-specific and could be addressed through the implementation of standard good international industry practices. The key E&S issues largely relate to the following: (i) safe access to the rooftops for EPC and O&M staff and protection against trips, falls and other hazards; (ii) the protection of school staff and students from physical harm during construction activities; and, (iii) water usage for panel cleaning during operations given the arid environment.

Contacts

For Inquiries About the Project, Contact

Massader for Developing Natural Resources and Infrastructure Projects
Azem Bishara
Chief Executive Officer
+970 52 296 9600
abishara@massader.ps
P.O.Box 413; Al-Ersal District; Amaar Tower, Floor 3; Ramallah, Palestine
www.massader.ps

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local Access of Project Documentation

Name: Azem Bishara

Title: Chief Executive Officer

Company: Massader for Developing Natural Resources and Infrastructure Projects

Address: P.O.Box 413, Al-Ersal District, Amaar Tower, Floor 3, Ramallah, Palestine

Mail to: abishara@massader.ps

Website: www.massader.ps

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. Its purpose is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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