PRICO Solar Gaza (IFC-38674)

Countries
  • Palestine, West Bank, Gaza
Where the impacts of the investment may be experienced.
Specific Location
GIE, approximately 3 kilometers east of Gaza City.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
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 24, 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
PRICO FOR OPERATION AND MAINTENANCE LTD
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 Amount (USD)
$ 8.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 23, 2017

Disclosed by Bank Jun 5, 2017


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Project Description
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.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Palestine Real Estate Investment Company Mohammad Alterawi Head of Infrastructure and Renewable Energy Department 00970 2 296 0506 m.terawi@prico.ps Almasyoun, PADICO House, 4th Floor, Ramallah www.prico.ps ACCOUNTABILITY MECHANISM OF IFC 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/