Padico Holding


With a Cost of $60 Million Bashar Masri Announces “Energy for Hope” Solar Power Project in Gaza

Gaza, 21/9/2023

The Chairman of PADICO Holding, Bashar Masri, announced a Gaza new solar energy project for generating electricity from solar energy in the city of Gaza. This announcement took place in the presence of dozens of business people from the West Bank and the Gaza Strip, as well as senior officials from the public sector in the Energy and Natural Resources Authority, the Ministry of National Economy, Palestinian Investment Promotion Agency and Industrial Cities Authority.


The project aims to provide clean and sustainable electricity in the Gaza Strip, which suffers from frequent power outages and a shortage of fuel needed to operate its main power generation station. The project’s production capacity will reach up to 50 megawatts at a total cost of $60 million upon completion. It is the first of its kind in the region, as solar panels will be installed at high elevations above public areas, including the central islands along most sections of Salah al-Din Street, which stretches from the northern to the southern parts of the Gaza Strip, covering a distance of 45 kilometers.

Masri stated, “Today, with the announcement of this project, we reaffirm PADICO’s vision that is based on development and investment in our beloved homeland, with a focus on vital sectors, particularly in areas where investors are hesitant to invest.”

He added, “The project will represent a qualitative leap towards providing clean electricity in the Strip and will genuinely alleviate the suffering of Gaza’s residents caused by the blockade and continuous power outages.” He emphasized that Gaza needs more projects like this to provide a decent life for our people, especially considering that essential services such as healthcare facilities rely heavily on electricity.

Director of the Infrastructure and Energy Sector at PADICO, Mohammad Najjarsaid, “This project is unique in terms of its innovative design and sustainability, in addition to being environmentally friendly. It will be developed on already used public spaces, allowing for the utilization of other unused spaces for other purposes such as agriculture and housing.”

He also mentioned that the designs are currently being prepared by specialized international companies with experience in the field, namely the Italian company RINA and the Egyptian company Firnas Shuman.

It is expected that this project will encourage other entities to invest in generating more electricity that the Gaza Strip needs for its recovery and growth.

PADICO is a public shareholding company that invests in various economic sectors. The company operates in telecommunications and information technology, real estate, financial services, industry and agriculture, tourism, infrastructure and energy, as well as the industrial cities sector.

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