APECO, United Real Estate Sign 15-Year Solar Deal for Sharq Waterfront

Alternative Energy Projects Company and United Real Estate Company have signed an EPC and O&M agreement for an 8.77 MW solar system at Souk Sharq in Kuwait. The project is expected to cut emissions, support Kuwait Vision 2035 and expand private-sector investment in the country’s renewable energy transition.

Why it matters: - The deal adds a large solar installation to one of Kuwait’s major commercial destinations, showing how private real estate can help expand the country’s clean-power supply. - The project is expected to support Kuwait’s goal of raising renewable energy to 15% of the national mix by 2030. - The installation is expected to avoid about 189,000 metric tonnes of carbon dioxide over its lifetime. - The system is designed to generate enough electricity to cover the annual use of about 110 homes. - The project is positioned as a model for private-sector participation in Kuwait’s renewable energy transition.

What happened: - Alternative Energy Projects Company, or APECO, signed an EPC and O&M contract with United Real Estate Company through its subsidiary Marasi United for Land and Real Estate Management & Development. - The agreement covers an 8.77 MW photovoltaic solar system at Souk Sharq in Sharq Waterfront, Kuwait. - The project includes rooftop and carport solar installations. - United Real Estate Company is the master developer of Sharq Waterfront. - The investment agreement runs for 15 years from the project’s commercial operation date.

The details: - The solar system is planned for Souk Sharq, described as one of Kuwait’s premier commercial destinations. - The lifetime environmental impact is described as equivalent to about 600,000 mature trees. - The project is also compared to planting more than 2.3 million new trees over its lifetime. - APECO and United Real Estate say the collaboration is aimed at delivering clean energy while improving community well-being. - The project is intended to reduce dependence on fossil fuels and diversify Kuwait’s energy mix. - United Real Estate says the solar deployment fits its ESG strategy and its effort to improve asset efficiency. - The car park canopies and rooftops at Sharq Waterfront will host the solar systems.

Between the lines: - The agreement signals a broader shift in Kuwait, where commercial property owners are beginning to treat solar as a long-term asset strategy, not just a sustainability add-on. - The 15-year term suggests both sides see recurring investment potential beyond a single project. - APECO’s role as EPC and O&M provider gives the company a deeper operational stake in the asset over time. - The project’s framing around Vision 2035 shows how private deals are being linked to national policy goals. - APECO’s executives described the partnership as a template for more private-sector renewable projects, while United Real Estate framed it as part of a wider sustainability strategy.

What's next: - The companies expect the project to move through commercial operation and then run under the 15-year investment agreement. - United Real Estate indicated the partnership could lead to additional investment projects in the renewable energy sector. - The solar buildout may open the door to more rooftop and carport installations across Kuwait’s commercial real estate portfolio.

The bottom line: - APECO and United Real Estate are using Sharq Waterfront as a high-profile test case for private-sector solar investment in Kuwait.