AEPCo Kuwait and GSI Launch Nour Al-Aqaba Energy for Solar Development in Jordan

1/23/2024 12:00:00 AM

 Alternative Energy Projects Co. and Green Sources Investments Kicks off 5MW Solar PV project in Aqaba

 

Amman, Jordan,  19 January 2024: Alternative Energy Projects Company Kuwait  (AEPCo Kuwait) – a member of Kuwait’s KIPCO Group – have partnered up with Jordan-based development, contracting and investment company Green Sources Investments (GSI) and have created a joint partnership Company Nour Al-Aqaba Energy.

The aim of this newly formed entity between the companies is to become a platform for commercial and industrial solar projects in the Hashemite Kingdom of Jordan.  The solar market has been one of the longest and most mature markets in the MENA region with focus on supporting the commercial and industrial sectors in reducing both their operational expenses, carbon footprint and increasing their operational competitiveness.

Noor Al Aqaba has kicked off its first project located in Al Aqaba region with a capacity of 5MWac, this project will be structured under a wheeling scheme and is expected to come online in quarter four this year. The project is to offset 6000 tons of CO₂emissions annually.

 

On this occasion, Dr. Hassan Qasem, AEPCo’s CEO said,

“Noor Al Aqaba project comes as a remarkable addition to our strong partnership with Green Sources Investments and it solidifies our long-term interest in Jordan’s solar market! We are excited to have it as an addition to our assets portfolio to increase our net zero carbon target for Jordan.”

On his part, Engineer Maher El Farraj, CEO of GSI said, 

"We are pleased to forge this partnership with AEPCo and build on our strong track record in solar projects development, finance, execution and asset management. AEPCo brings strong regional know-how and experience that would help support building a solid platform for solar projects here in Jordan.”

NOTES TO EDITORS:

About Alternative Energy Projects Co.:

Alternative Energy Projects Co. (AEPCo) is a Kuwait based company specialized in renewable energy. AEPCo has been developing renewable energy projects since 2016 and has a track record of about 650 MW around the MENA region. AEPCo is a fully owned subsidiary of Kuwait Projects Company (Holding) (KIPCO Group). KIPCO’s operations extend across the Middle East and North African region in countries such as Kuwait, Jordan, Saudi Arabia, Oman and more. With holdings in sectors such as financial services, media, manufacturing, and real estate, KIPCO Group comprises over 60+ companies and employs over 16,000 people in 24 countries. AEPCo. is specialized in renewable energy systems and provides consultative services on energy conservation, thus providing innovative solutions to its customers.

About Green Sources Investments:

Green Sources Investments (GSI Ltd.) Founded in 2009, Green Sources Investments (GSI Ltd.) is a dedicated EPC (Engineering, Procurement and Construction) firm focusing on Photovoltaic Solar renewable energy and the development of solar projects. GSI Ltd. offers comprehensive solutions for the effective execution of solar PV projects, leveraging its extensive expertise as a global solar EPC. The company specializes in Full Service EPC for both small and large scale PV ventures. Renowned for its commitment to customer satisfaction, GSI Ltd. maintains a reputation for quality without compromising on service. Their business philosophy revolves around customer contentment, offering competitive pricing for their products. The team at GSI Ltd. consists of highly skilled engineers, distinguished by their top academic achievements in electrical and electromechanical engineering. These motivated and ambitious professionals provide exceptional guidance and maintain regular communication throughout project development.

19 Jan 2024