European Investment Bank to Lend Money to Palestine Investment Fund for Rooftop Solar PV Projects
Posted on 03/18/2019
The European Investment Bank (EIB) and the Palestine Investment Fund (PIF) penned a loan agreement that is worth US$ 18 million. The capital proceeds will be used to finance the installation of rooftop solar photovoltaic (PV) systems on 500 public schools in the West Bank. The rooftop solar projects aims to generate 35 megawatts of energy, targeting assets across the West Bank and East Jerusalem.
EIB is making the investment under its Economic Resilience Initiative (ERI). The project will go through Massader for Natural Resources & Infrastructure Development, a fully-owned subsidiary of the Palestine Investment Fund and is currently leading PIF’s investments in natural resources and infrastructure development projects in Palestine such as Gaza Marine natural gas field, West Bank oil field, Jenin power plant and the Noor Palestine Solar Program.
Mohammad Mustafa, Chairman of the Board of Directors of the PIF, in a press release remarked, “PIF -as Palestine’s development-centric sovereign fund- is leading an impact investment program that covers a diverse portfolio in the strategic and vital economic sectors such as renewable and traditional energy, infrastructure, natural resources, industry, technology and agriculture. PIF aims at contributing to laying the foundation for an innovative, sustainable and knowledge based Palestinian economy.
We are proud of this agreement and aspire that this would be the start for a strong and solid cooperation between PIF and EIB. We appreciate highly our partnership with the Palestinian Ministry of Education, the Palestinian Energy and Natural resources Authority and all the relevant Palestinian stakeholders.”