What is IFC's rooftop solar energy facility in Gaza?
The Palestine Real Estate Investment Co’s (PRICO) rooftop solar energy facility is IFC’s first large-scale solar energy installation in Gaza and is supported by the IFC-Canada Climate Change Program.
What is the largest solar installation in Gaza?
PRICO is the largest solar installation in Gaza and the first one for which an ad-hoc grid integration solution has been developed with the grid operator to ensure power evacuation and 24/7 continuity of supply. This is a standard-setting benchmark that is replicable and scalable in other locations.
What is IFC's PRICO and massader solar project?
Innovative financing for the PRICO and Massader solar projects is part of a larger effort by IFC to create viable markets for renewable energy in developing economies. Both projects enhance capacity building of local institutions, establishing the foundation for private sector participation and long-term, self-reliant growth.
How did IFC finance the PRICO solar project?
In 2018, IFC structured an innovative debt financing package for the PRICO Solar project to promote the installation of solar panels on the rooftops of several buildings belonging to the Gaza Industrial Estate, Gaza’s largest business park.
What is the PRICO solar project?
The PRICO solar plant will generate and distribute up to 80 percent of the Gaza Industrial Estate’s electricity needs, keeping 32 factories running, thereby providing employment to nearly 800 people. Both projects used an innovative financing structure, including blended concessional finance, to help de-risk the projects.
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