Kuwait’s Alternative Energy Projects Company (AEP) is set to raise equity capital, partnering with Kamco Invest and Burgan Bank, to significantly expand its solar and hybrid energy project portfolio across the Middle East and North Africa (MENA) region. This strategic capital raise is designed to accelerate AEP’s project execution capabilities, bolster its regional presence, and capitalize on the rapidly advancing energy transition in the MENA area.
The company’s CEO, Dr. Hassan Qasem, expressed confidence in AEP’s established platform, experienced management team, and a strong pipeline of high-quality regional projects. He stated that the infusion of capital will be instrumental in speeding up project delivery and seizing new opportunities presented by the region’s accelerated shift towards cleaner energy sources.
Kamco Invest will play a key role by establishing a special purpose vehicle to acquire an equity stake in AEP, which will also include securing board representation. This move is expected to attract strategic investors, leveraging the financial expertise and extensive networks of both Kamco Invest and Burgan Bank.
AEP has recently secured several competitive solar projects in Kuwait and Oman and is actively pursuing further opportunities in Saudi Arabia, Oman, Jordan, and its home market of Kuwait. The company’s business model involves the development, financing, construction, and operation of solar energy projects, typically under long-term contracts of 15 to 25 years, serving both government and corporate clients.
The funds raised will specifically target AEP’s pipeline of solar and hybrid off-grid projects across the MENA region, where it currently maintains operations in Kuwait, Oman, and Jordan. Dalal Jamal Al Shaya, Director of Private Equity at Kamco Invest, highlighted AEP’s contracted revenue, proven operating model, and expanding project pipeline as attractive elements for investors looking to engage with the burgeoning renewable energy sector in the region. She also pointed to favorable regulatory environments, increasing energy demand, and national sustainability initiatives as strong drivers for the long-term growth of renewable energy infrastructure in MENA.
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