PRICO Solar Gaza

completed

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.