Bank of Palestine Group and NAPCO join forces to create “Qudra” Renewable Energy Solutions Co. in Palestine
Bank of Palestine Group and the National Aluminum and Profiles Company “NAPCO” (member of APIC Holding Group) announced their joint venture to set up “Qudra” Company; specialized in Renewable Energy Solutions serving Palestinian Territories in the West Bank and Gaza. The company will employ state of the art technology and international standards to provide turnkey solar projects assets in partnership with local municipalities and Electricity Distribution Companies in addition to other partners.
“Qudra” Company is positioned with enough resources and procurement relations with has a strong position in the international and local supply chains of vendors and experienced contractors, giving it the ability to establish solar farms deliver cost-effective solar assets with market leading quality, producing with a target capacity of 100MW as part of in the first phase of its short term plan. Other long term Future objectives will see the company include implementing projects that will provide modern power management systems as well as storage facilities for surplus solar energy and more efficient control systems.
Tareq Aggad, Chairman of APIC Group said:” We are proud of this partnership with Bank of Palestine Group. We see this partnership as an important synergy of our values and commitment to produce clean, affordable energy that would power the economy and public sector activities. This will provide Palestine with reliable and secure sources of energy. We feel our obligation to our nation to create this partnership and our commitment to shareholders and stakeholders alike helping to diversify our activities as we diversify our energy sources. NAPCO will transfer its know-how and track record in solar energy production to Qudra endowing it with immediate expertise and revenue generating projects from the already ongoing pipeline.”