PRICO Operations Rooftop Solar (MIGA-13600)

Countries
  • Palestine, West Bank, Gaza
Where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 12, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Palestine Real Estate Investment Company of West Bank and Gaza
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.93 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ MIGA website

Updated in EWS Oct 7, 2019

Disclosed by Bank Jan 31, 2018


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Project Description

According to bank documents, on December 17, 2017, MIGA issued a guarantee for $6.93 million for the equity investment in assets by Palestine Real Estate Investment Company (PRICO) in its subsidiaries, PRICO Operating and Maintenance Ltd. in the West Bank and PRICO Contracting and Trading Ltd. in the Gaza Strip. The investor applied for a guarantee under MIGA's West Bank and Gaza Investment Guarantee Trust Fund and under MIGA's Conflict-Affected and Fragile Economies Facility for a period of up to 10 years against the risks of transfer and convertibility restrictions, expropriation and war and civil disturbance, including temporary loss of income.

The Project involves the development, financing, construction, operation and maintenance of a 7 MWp rooftop solar photovoltaic (PV) power plant being developed by PRICO, the Guarantee Holder, located inside the Gaza Industrial Estate (GIE) in the Gaza Strip. The solar panels will be installed on the rooftops of 32 factories located in GIE. The Project will be implemented by two Special Purpose Vehicles: (i) PRICO Operating and Maintenance Ltd. of West Bank and (ii) PRICO Contracting and Trading Ltd. of the Gaza Strip. The Project will benefit from an IFC A- Loan, an IFC concessionary loan and a World Bank grant.

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
Contact Information

Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/