The Palestine Investment Fund (PIF) has struck an agreement with AT Solar to build, operate, and maintain the Jericho and Tubas solar power parks. The agreement was signed by Massader, PIF’s impact investment arm for energy and infrastructure.

Taken together, the Jericho and Tubas solar power parks will generate 16.5 MW of solar capacity. The two stations are expected to be built over the coming few months and operational by the end of the year. The stations will be connected to power distribution and transit stations, covering multiple end-user consumers.

AT Solar was selected from a number of companies which submitted tenders issued by Massader to build, operate, and maintain the plants in accordance with international standards.

Today’s agreement builds on tangible progress in PIF’s Noor Palestine program, which seeks to develop 200 MW of solar capacity over eight years through a mix of solar parks and rooftop panels. PIF recently announced the completion of engineering work at its three solar park sites. It also signed agreements with the Jerusalem Electricity Distribution Company and the Tubas Electricity Company to distribute power from the parks. Finally, earlier this month, PIF signed a $20 million solar power financing agreement with the Arab Bank, helping to make green energy in Palestine a reality.

“We are delighted by today’s agreement, which accelerates progress on one of Noor Palestine’s core components,” said Dr. Mohammad Mustafa, Chairman of the Board of Directors of PIF. “Solar power is critical to PIF’s strategy of investing for impact in Palestine’s energy sector.”

Azem Bishara, CEO of Massader, explained that “the two stations will help cut end-users electricity bills by 50% over the next 25 years, creating jobs and contributing to the development of Palestine’s renewable energy resources.”

Noor Palestine is an integrated program which includes a number of components and projects. In addition to the solar power parks, the program includes the implementation of solar panels on public schools, government buildings, and residential buildings.