Massader School Rooftop PV Program (IFC-40641)

Countries
  • Palestine, West Bank, Gaza
Geographic location where the impacts of the investment may be experienced.
Specific Location
Jenin, Qabatia, Tubas, Nablus, Ramallah and Al-Bireh, Al Ram, Salfeet, Bethlehem and Hebron.
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 30, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MASSADER FOR DEVELOPING NATURAL RESOURCES AND INFRASTRUCTURE PROJECTS
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 19.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 35.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2019

Disclosed by Bank Apr 30, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank documents, 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 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, 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, 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.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The project has a total estimated cost of up to US$35 million. The proposed IFC investment will comprise (i) an A Loan of up to US$9.5 million and (ii) a senior concessional loan of up to US$9.5 million from IFC as implementing entity of the Finland IFC Climate Change Program (“IFC –BFC”).  

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Project’s Sponsor is Massader, a company established in 2015 as a dedicated platform for developing projects in the energy sector in West Bank. Massader is fully owned by Palestine Investment Fund (“PIF”), the sovereign wealth fund in West Bank and Gaza. PIF’s investments include financial services and significant minority stakes in telecom, industry, real-estate, tourism, energy, hospitality, healthcare located predominantly in WB&G.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Massader for Developing Natural Resources and Infrastructure Projects Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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 

Local Access for 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

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/

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How it works