Kuwait's AEP Plans Equity Raise to Expand Renewable Energy Business Across MENA

Kuwait-based Alternative Energy Projects Company (AEP), a renewable energy developer and platform, has announced plans to raise equity capital to support the expansion of its solar energy business across Kuwait and the wider Middle East and North Africa (MENA) region.

AEP has appointed Kamco Invest, in collaboration with Burgan Bank, to lead the transaction. Under the arrangement, Kamco Invest will establish a special purpose vehicle on behalf of its clients to participate in the capital increase by acquiring an equity stake in AEP and securing board representation to support the company's growth strategy.

Chief Executive Officer Dr Hassan Qasem said that AEP has built a strong platform with an experienced management team, a proven operating model and a high quality regional project pipeline. He said that the capital raise will enable the company to accelerate project execution, expand its regional presence and capture opportunities arising from the region's accelerating energy transition.

Qasem added that the partnership with Kamco Invest and Burgan Bank would help attract strategic investors through their capital markets expertise, institutional relationships and investor networks.

The company recently secured several competitive solar projects in Kuwait and Oman and is pursuing additional commercial, industrial and utility scale opportunities in Saudi Arabia, Oman, Jordan and Kuwait.

AEP develops, finances, builds and operates solar energy projects under long term contracts with government and corporate customers, typically ranging from 15 to 25 years. The proceeds from the equity raise will support its pipeline of solar and hybrid off grid projects across the region, where it currently operates in Kuwait, Oman and Jordan.

Dalal Jamal Al Shaya, Director of Private Equity at Kamco Invest, said that AEP's contracted revenue base, established operating model and growing project pipeline present a strong opportunity for investors seeking exposure to the region's renewable energy sector. She added that favourable regulations, rising energy demand and national sustainability goals continue to strengthen the long term outlook for renewable energy infrastructure across the region.