Establishment of "Taqa" Company in Partnership Between the Palestinian Investment Fund, the Arab Palestinian Investment Company (APIC), and the Bank of Palestine Group to Enhance Investment in Renewable Energy

SadaNews: The Masader Company, the investment arm of the Palestinian Investment Fund in the energy sector, the Arab Palestinian Investment Company (APIC), and the Bank of Palestine Group have signed a strategic partnership agreement to establish the "Taqa" Company, which will form a leading economic, investment, and development entity to enhance the renewable energy sector in Palestine.

The agreement was signed by Mr. Iyad Joudeh, Chairman of the Board of Directors of the Palestinian Investment Fund, Mr. Tariq Omar Al-Aqqad, Chairman of the Board of Directors of the Arab Palestinian Investment Company - APIC, and Mr. Hashem Al-Shawa, Chairman of the Board of Directors of the Bank of Palestine Group.

Enhancing Energy Independence

The new company will finance and establish medium and large-scale clean energy production stations, which will enhance the contribution of renewable energy to total local consumption and reduce reliance on imported energy sources.

These projects will contribute to lowering the imported electricity bill, which will positively reflect on the national economy by reducing the trade deficit and alleviating the financial burdens resulting from imports.

Strategic National Partnership

The establishment of the new "Taqa" Company embodies the strategic integration among three leading Palestinian institutions to enhance the national economy amid the difficult circumstances that Palestine is experiencing. It also emphasizes the importance of investing in vital sectors such as energy, as a fundamental lever for building an independent and resilient national economy. These investments will contribute to developing a strong infrastructure that directly and indirectly supports the industrial, agricultural, and commercial sectors, making energy more sustainable and cost-effective.

Commitment of Partners
In this context, Mr. Iyad Joudeh, Chairman of the Board of Directors of the Palestinian Investment Fund, stated:
"The Fund continues its strategic investments despite complex economic and political challenges. To withstand these challenges, we have set our strategy for the years 2025-2027 to include the energy sector as one of our top priorities alongside other strategic sectors. Given Palestine's almost complete reliance on imported electricity and the significant financial burdens and economic dependencies that result from this, there is a real need to invest in this sector, particularly renewable energy, as a strategic national option providing practical solutions to energy security issues."

For his part, Mr. Tariq Al-Aqqad, Chairman of the Board of Directors of APIC, said: "Despite the exceptional political and economic challenges in Palestine, we look to the future with determination and insistence, as investing in renewable energy has become not just an option, but a national necessity to contribute to building an independent and sustainable economy. Palestine has promising capabilities and opportunities in the field of solar energy, and through this partnership, we are working to transform our natural resources into productive projects that create added value and job opportunities, becoming a real lever for economic and social development.

In turn, Mr. Hashem Al-Shawa, Chairman of the Board of Directors of the Bank of Palestine Group, expressed his pride in contributing to the establishment of the "Taqa" Company, confirming that this step aligns with the group's steadfast commitment to sustainability principles and environmental, social, and governance (ESG) standards by investing in renewable energy projects. He added that the partnership among three leading Palestinian institutions with accumulated expertise in this field forms a strong national alliance that provides the new company "Taqa" with a solid foundation to develop strategic projects, putting Palestine on a clearer path towards energy independence and reliance on Palestinian sources.

The establishment of the "Taqa" Company is an extension of the partners' efforts to enhance sustainable investments that meet the needs of the Palestinian community and support its direction towards a more independent economy based on renewable energy, contributing to enhanced development and achieving long-term economic, environmental, and social impact.