The Palestine Power Generating Company (PPGC) was established in 2010 with the aim of becoming an independent, reliable and competitively priced source of electrical power to the Palestinian people. Currently in its development phase, the plant will operate a 200-megawatt combined cycle power plant run on natural gas in the northern West Bank area of Jenin. With an estimated total cost of $300 million and a 24- to 30-month realization horizon, the project aims to meet Palestine’s energy demands, which are growing at an estimated 6 percent per annum and are currently being met by imported and heavily taxed electricity.
PPGC and the Palestine Energy and Natural Resources Authority (PENRA) are in the process of developing the feasibility study of the project, as well as negotiating the license and power purchase agreements for PPGC to become the sole domestic supplier of electricity to the West Bank. Looking forward, PPGC and PENRA have agreed to engage in future discussions for plans to increase the generating capacity across the West Bank to meet the nation’s long-term demands.
For this standalone project, PPGC has strategically assembled an impressive group of founding shareholders from the finance, banking, insurance and property development sectors that bring not only financial backing, but also essential business and technical expertise. PPGC is drawing on the successful experience of its largest shareholder, the Palestine Electric Company (PEC), which built and operates the first power plant in the Palestinian Territories and supplies 30 percent of the Gaza Strip’s electricity to the PNA. The Palestine Investment and Development Company (PADICO), another major shareholder, is the first and largest investment holding company in Palestine.
In cooperation with local stakeholders and multilateral organizations, PPGC is committed to applying international best practices that maintain a balance between financial, social and environmental considerations, leading to sustainable national development.