The National Bank (TNB), is now the first bank in Palestine to use solar energy to cover the majority of its energy needs, following the signing of an agreement with Massader Palestine, a subsidiary of the Palestine Investment Fund, to buy a stake in Noor Jericho, Palestine’s largest solar park. As part of the agreement, 1.17 megawatts of clean sun energy will power the bank’s headquarters, as well as its branches in Ramallah and Jerusalem districts.

TNB is one of three partners in Noor Jericho; the others, Birzeit Pharmaceutical Company and Istishari Arab Hospital will share the plant’s 7.5 megawatts total production capacity.

Signing the agreement with Mohammed Mustafa, the chairman of the Palestine Investment Fund, Ahmad Hajhasan, TNB’s general manager said:

“This agreement makes The National Bank the first Palestinian bank to invest in a solar power plant and run its operations through it.

“Fulfilling our social, environmental and national responsibility is of high importance to TNB and this new agreement not only allows us to reduce our carbon footprint, but also to use our own source of energy, from technology which has been developed and is run by Palestinians.

“In addition, by using a renewable source of energy, TNB will, in the long term, save costs and be able to make a return on investment to its shareholders. Our hope for the future is that all TNB’s energy requirements will be met by renewable sources of energy.”

TNB has adopted international standards for environmental protection since 2013, signing up to the UN Global Compact and OPIC’s Social and Environmental policy.