A joint venture formed by the investment fund based in Ramallah, the Arab Palestinian Investment Company, and the Bank of Palestine Group has announced the creation of a company named Taqa, dedicated to renewable energy production. The founding agreement was signed by the presidents of the three institutions. This new entity will focus on the development, financing, and operation of medium- and large-scale solar power plants.
Taqa, in this context, should not be confused with Abu Dhabi National Energy Company PJSC, also known as TAQA, a state-owned company from the United Arab Emirates operating globally in the energy sector. Although both companies share the same name, they have no capital or operational ties, which could lead to confusion in some contexts.
Reducing dependence on electricity imports
The region suffers from a high dependence on imported electricity, a situation that burdens local finances and complicates long-term economic planning. The founders of Taqa aim to strengthen energy autonomy by increasing local electricity production, particularly from solar energy. This initiative is intended to reduce the costs related to electricity imports and stabilise supply for industrial and agricultural sectors.
Infrastructure and job creation
The projects undertaken by Taqa are expected to lead to the construction of new energy infrastructure while generating direct and indirect employment. Construction, maintenance, and plant operations could stimulate the local labour market. The company plans to implement its projects progressively, targeting areas with high solar energy potential.
Strategic alliance between economic actors
Representatives of the three institutions highlighted their shared commitment to act in a sector considered a priority for local economic stability. The president of the investment fund stressed the strategic importance of energy in its investment plans. The president of the Arab Palestinian Investment Company pointed out the underused solar potential, while the president of the banking group emphasised the strength of this partnership as a lever for regional energy transformation.
