Massader is leading the development of the first Palestinian independent power production (IPP) unit in Jenin Governorate north of West Bank to supply the basic electrical energy needs of the Palestinian market.
The Jenin Power Plant – is planned as a gas fired Combined Cycle Gas Turbine (CCGT) with a generation capacity of approximately 450 megawatts, supplied by natural gas from Gaza Marine gas field.
The plant is being developed through the Palestine Power Generation Company (PPGC), an SPV with a leading group of Palestinian investors including the Palestine Investment Fund, through Massader (40%), the Palestine Development and Investment Company (20%), the Palestine Telecommunications Company (10%), the Arab Bank Group (10%), the Palestine Electric Company (5%), and the Arab Palestinian Investment Company. These investors are joined by other local investors including four important local banks, including the Bank of Palestine, Al-Quds Bank, and the Cairo-Amman Bank.
As projected, the Jenin Power Plant will satisfy approximately 50% of Palestine’s current total electricity consumption. Power generation from the plant is expected to commence at the end of 2023, with a total project cost of approximately $620 million. The electricity produced in the Jenin Power Plant will be sold to PETL (The Palestine Electricity Transmission Company) through a long term Power Purchase Agreement.
The Jenin Power Plant is being developed under best international standards, with significantly high efficiency and clean energy using natural gas. PPGC shareholders will provide equity financing for the project and a group of Development Finance Institutions (DFIs) will provide the debt financing.