Gaza's energy crisis is longstanding – and devastating. Power outages routinely stretch multiple hours a day, hampering factories and businesses in a region where economic activity is already under immense stra. In 2018, IFC structured an innovative debt financing package for the PRICO Solar project to p. PRICO is showing early signs of high development impact in a fragile economy that is afflicted by unemployment, poverty, and political instability. Gaza is particularly affected by acut. 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.
What is the potential for solar energy in Palestine?
There is high potential for solar energy in the Palestine, with a daily average solar radiation of 5.4 kWh/m2 which should encourage its use for mass applications like cooking, industrial and domestic heating, water pumping, rural electrification, desalination etc.
The Israel Electric Corporation (IEC) supplies most of the electricity in the Palestinian territories. PETL is the sole buyer of imported electricity for distribution in West Bank Areas A and B and in the Gaza Strip, which in turn supplies the electricity to the six Palestinian distribution companies.
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.
How can Palestine reduce its reliance on imported energy carriers?
Palestine can reduce reliance on imported energy carriers by deployment of clean energy systems, especially solar, geothermal and biomass. Palestinian areas has large alternative energy potential which can be harnessed by a futuristic energy policy, large-scale investments and strategic assistance from neighbouring countries like Jordan and Egypt.
Palestine receives about 3,000 hours of sunshine per year and has an average solar radiation of 5.4 kWh/m. Domestic solar water heating (SWH) is widely used in Palestine where almost 70% of houses and apartments have such systems. Infact, Palestine is one of the leading countries in the field of SWH for domestic purpose.
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.