AEPCO and URC Sign 15-Year Investment Agreement to Install a Solar Energy System at Sharq Waterfront

Jul 26 , 2026

Alternative Energy Projects Company (AEPCO), a leading force of renewable energy projects, has announced the signing of an agreement with United Real Estate Company (URC), through its subsidiary Marasi United Company for Lands and Real Estate Management and Development, to design, build, operate, and maintain a photovoltaic (PV) solar energy system with a total capacity of 8.77 MW. The system will be installed across car park canopies and building rooftops at Sharq Waterfront, one of Kuwait's premier commercial destinations, marking a significant step toward expanding the adoption of renewable energy within the country's commercial real estate sector.

Developed in close collaboration with URC, the main developer of Sharq Waterfront, the project is expected to reduce approximately 189,000 metric tons of carbon dioxide emissions over its lifetime. The solar power system will generate enough electricity annually to supply approximately 110 residential homes, while its environmental impact is equivalent to the carbon sequestration capacity of nearly 600,000 mature trees, or planting approximately 2.3 million new trees throughout the project's lifespan.

The project represents an important milestone in establishing a new benchmark for private-sector participation in Kuwait's renewable energy transition. It aligns with the objectives of the Kuwait Vision 2035 "New Kuwait, which aims to increase renewable energy's share of the national energy mix to 15% by 2030, while delivering clean energy solutions that not only reduce carbon emissions but also contribute to the well-being of local communities.

Commenting on the agreement, Dr. Hassan Qasem, Chief Executive Officer of AEPCO, said: "This collaboration represents a promising model of strategic partnership between Kuwaiti private-sector institutions. The project further strengthens AEPCO's position as a trusted partner in advancing the renewable energy sector across the region. Beyond its environmental benefits, the project contributes to the diversification of Kuwait's national energy sources, reduces dependence on fossil fuels, and supports the country's sustainability efforts in line with its vision for a more sustainable future."

From his side, Mr. Mishary Sulaiman Al Muhailan, Group Chief Executive Officer of URC, highlighted the project's importance in advancing sustainable national developments, stating: "This project represents part of our strategic vision to integrate sustainability into our operations, reflecting URC’s commitment to the highest standards of Environmental, Social, and Governance (ESG) practices. The adoption of solar energy systems across the car parks and rooftops at Sharq Waterfront represents a long-term approach to enhancing asset efficiency while accelerating the transition toward clean energy sources."

Mr. Al Muhailan concluded: “AEPCO was our partner of choice, thanks to its extensive expertise and established reputation as one of the region's leading renewable energy solutions providers. The investment agreement spans 15 years, commencing from the project's commercial operation date. This milestone also lays the foundation for broader collaboration on future investment projects that will support the growing demand for renewable energy solutions."