Bank of Palestine signs a renewable energy loan agreement with the Jerusalem District Electricity Company and the Turkish company Zorlu Enerji to fund the Dead Sea Power Plant

Bank of Palestine signed a renewable energy agreement with the Jerusalem District Electricity Company and the Turkish company Zorlu Enerji to fund the establishment of the Dead Sea Renewable Energy Power Plant near Jericho. The project was established through a joint cooperation between the Jerusalem District Electricity Company and Zorlu Enerji, through the newly established company, ZJ Strong Energy for Renewable Energy, who will be responsible for the management and implementation of the project. 

The agreement was signed at the headquarters of Bank of Palestine in Ramallah, in the presence of Mr. Hashim Shawa, the Chairman of Bank of Palestine Group, Mr. Rushdi Ghalayini, the General Director of Bank of Palestine, Mr. Hashim Al Omari, the Chairman of the Jerusalem District Electricity Company, Mr. Ibrahim Sinan Ak, the Chief Executive Officer of Zorlu Enerji, Dr. Atef Alawneh, the Chairman of the Islamic Arab Bank, and several officials from all parties concerned.

Based on the agreement, the Bank will provide funding in the amount of five million Shekels to cover the first stage of the renewable energy project, which will produce approximately 1,827 megawatts to be generated by the end of the current year. The project seeks to expand across several other Palestinian cities to reach 30 megawatts, and the second stage will be implemented in Hebron.

Mr. Hashim Al Shawa expressed his enthusiasm about the participation of the bank in funding the first and largest renewable energy power plant in Palestine. He pointed out that “the bank has been working for long years to encourage its customers to establish eco-friendly projects, and a special program was launched in 2011 to fulfill this purpose.” “This agreement is considered a continuation of the bank’s efforts to achieve self-sufficiency for the Palestinian people energy-wise, using eco-friendly means and methods,” added Al Shawa.

Mr. Hisham Al Omari stressed that the Dead Sea Power Plant project will form part of the projects implemented by the Jerusalem District Electricity Company and will contribute to reducing energy bills. It will also fulfill part of the company’s strategic goals to decrease dependence of Israeli power supplying companies, and promote self-sufficiency. According to Al Omari, “by 2035, the project aims to generate over 30 megawatts of electricity.”

Mr. Ibrahim Sinan Ak expressed his enthusiasm about the partnership between Zorlu Enerji and Palestinian companies and contribute to changing and improving the lives of the Palestinian people. “Zorlu Enerji will dedicate many of its expertise and experience to contribute to the Dead Sea Power Plant,” stated Sinan. “Our experiences and willingness to invest in Palestine stems from our complete conviction that working with Palestinians has its own special character,” he added.

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