Kuwait Oil Company Signs MoU with Ministry for 1 GW Solar Energy Project

Kuwait Oil Company has signed a memorandum of understanding (MoU) with the Ministry of Electricity, Water, and Renewable Energy. The agreement aims to facilitate coordination and cooperation for the project aimed at generating 1 GW of electricity from solar energy.

The company emphasized that the memorandum aligns with the Kuwaiti oil sector's strategic initiatives for energy transformation 2050 and reiterated its commitment to leading the implementation of these projects.

The signing of the memorandum underlines the company's dedication to fulfilling the state's obligations, as expressed by Amir Sheikh Meshaal Al-Ahmad Al-Jaber Al-Sabah, during COP 27 and COP 28. Kuwait, among 124 participating countries, pledged to address climate change and limit temperature increases to 1.5 degrees Celsius.

The project to produce 1 GW of electricity from solar energy is a key component of the oil sector's strategy to reduce emissions and diversify its energy portfolio. This initiative is critical in achieving Kuwait's vision of having 15 percent of its electricity production come from renewable sources.

The volume of production from the project is estimated to represent approximately 6 percent of Kuwait's total current electricity production capacity. This highlights the project's significance in meeting the country's energy needs and ensuring energy security for its citizens.

By enhancing the ministry's production capacity, the project will aid in meeting the growing demands fueled by housing and commercial projects, thereby averting any future deficits in meeting these needs.

The memorandum reflects Kuwait Oil Company's commitment to providing support for all economic and social sectors in the country. It also highlights the company's pledge to contribute to the production of 17 GW of renewable energy by 2050, further enhancing the country's energy sources and supporting the ministry's efforts to meet the nation's electrical energy requirements.