Bank of Palestine Group and The National Aluminum and Profile Company (NAPCO) join forces to establish the Qudra Company for clean energy solutions
18 | 10 | 2020
Through a new alliance between Bank of Palestine Group and the National Aluminum and Profile Company – NAPCO, a sister company of the Asia Pacific Economic Cooperation - APEC, an announcement was made regarding the establishment of Qudra Company specialized in the field of renewable energy. This initiative aims to provide the Palestinian market with renewable energy solutions of the highest specifications and quality, in accordance with global features and standards. The establishment of Qudra is based on the principles of sustainability and values, which are considered main elements in the identities of Bank of Palestine Group and NAPCO, especially since the availability of clean energy sources in Palestine will have a huge impact on economic prosperity.
Mr. Tareq Al Aqqad, the Chairman of APEC Group, expressed pride in the partnership with Bank of Palestine Group in establishing a new company for renewable energy that would bring light for Palestinians amidst the extremely difficult circumstances. Al Aqqad pointed out that the new company, Qudra, seeks to achieve sustainable development by diversifying the sources of local energy production and decreasing the import of energy upon which Palestinians rely. Qudra will work with all companies in the energy sector, especially electricity distribution companies, in order to achieve a real partnership with common goals. “Within the next few years, we anticipate to launch power plants from solar energy at a capacity of 100 megawatts, provide constructive solutions for excess energy storage, apply modern energy control systems, and encourage Palestinian society to use clean and renewable energy sources,” stated Al Aqqad. According to Al Aqqad, “Qudra is currently launching state-of-the-art, quality assured and production-efficient power plants that operate under the latest methods based on global standards.” A few days ago, Qudra signed an agreement with the Jerusalem District Electricity Company to cooperate in establishing a power plant using solar cells at a capacity of 5 megawatts in the village of Deir Abu Mash’al, which will in turn feed the company’s network in the villages northwest of Ramallah and Al Bireh. Al Aqqad pointed out that “establishing power plants using solar cells with contribute to investing in our natural resources as well as achieving economic development in all other Palestinian sectors, including the operation of factories and water pumping and desalination stations, to name a few, using renewable energy.
It is important to mention that NAPCO, the partner and founder of Qudra, moved from implementing energy projects to the implementation of its own endeavors through Qudra.
Al Aqqad also pointed out that NAPCO, the founder and partner of Qudra, together with Bank of Palestine Group, launched an energy production system from solar energy a few years ago at the company’s headquarters in the city of Nablus. This initiative allowed NAPCO not only to acquire experience, but to also have the capacity to manage future energy projects with east and flexibility.
Mr. Hashim Al Shawa, the Chairman of Bank of Palestine Group, expressed his enthusiasm towards this great achievement in establishing a new company that will serve Palestinian society. Al Shawa pointed out that “Qudra seeks to provide environmentally friendly sources of alternative energy that will secure a clean source of energy and save money for factory and company owners.”
Al Shawa added that “Qudra crowns the common vision of Bank of Palestine Group and Apec Group, through NAPCO, and our commitment to respond to the needs of Palestinian society and support our national economy by investing in key and vital sectors.” “This sector has great prospects to grow and develop and requires further synergy in order to reach a strategic level and achieve energy security,” stated Al Shawa. “I hope that the near future will see cooperation between the various actors and partners, including municipalities, energy distribution companies, the Palestinian Energy and Natural Resources Authority, the Electricity Regulatory Board and the Palestinian Government, in moving forward and developing and expanding this sector, enabling it to affect and change the reality to the better,” added Al Shawa.
Al Shawa stressed that the policy adopted by the Palestinian Monetary Authority to encourage banks and financial institutions to invest and finance projects related to clean energy, agriculture and entrepreneurship, had the biggest impact on the establishment of a new partnership between NAPCO and Bank of Palestine Group, to bring to life yet another entrepreneurial initiative like Qudra. “I hope that Qudra will walk alongside national establishments that serve our community and contribute to pushing the economic wheel forward,” concluded Al Shawa.
Bank of Palestine Group and NAPCO are seeking to expand their economic roles to include further partnerships in vital sectors that are able to create a sustainable and resilient national economy. Qudra believes that a clean energy sector creates sustainable economic growth because of its components are clean energy and its elements and capital are national, thus contributing to decreasing imported electricity bills and securing sustainable energy sources for both big and small enterprise.