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Home Local 17/October/2021 04:06 PM

35 Megawatts of electricity, around $30M, through schools and higher education rooftops project

RAMALLAH, Sunday, October 17, 2021 (WAFA) - The Palestinian Investment Promotion Agency- PIPA launched the Incentive contract Package related to enabling the schools and higher education Rooftop project to generate 35 Megawatts within 4 years to assure reducing the targeted establishments' power consumption hence downsize the burden on the general budget, and the rest of Power generated will be evacuated to the local electricity network.

Chairperson of IPIEA and Minister of National Economy, Khaled Osaily, Minister of Education, Marwan Awartani, and chairperson of Palestine Investment Fund Mohamed Mustafa endorsed the incentive contract package.

Given that the project will target around 500 rooftops out of the available 2,800 schools and gross investment expected to reach around $30 million, and this Incentive contract package introduces new investment opportunity for public-private partnerships and here we are calling the private sector to have the benefit from this available opportunity, said a press release issued by PIPA.

And its worth mentioning that the Incentive contract packages is a competitive tool provided by the encouragement of investment in Palestine law as these contracts can guarantee flexibility to provide incentives to a specific sector of geographic location or strategic project to work as enabler to increase performance, production, export, generate jobs, transfer technology or implement international criteria’s to maintain the environment or generate power from alternative solutions.

This contract is in line with the government of Palestine strategies while IPIEA plays a role to facilitate providing regulations to access to finance and incentives toward successful business that generates profit in line with IPIEA BoD chaired by Khaled Osaily to promote the Government strategy in this sector to actualize the vision of President Mahmoud Abbas.

T.R.

 

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