ASAR - Al Ruwayeh & Partners: “Kuwait's domestic consumption and reliance on oil and gas for power consumption can significantly decrease with the development of solar energy in the country”
Kuwait, 5th June, 2013: ASAR – Al Ruwayeh & Partners (ASAR), Kuwait’s leading and most prominent corporate law firm, and one of the region’s top tier firms contributed in the production of an environmental guide that focuses on development of solar power projects in the Middle East. The guide was launched in an effort to update businesses about key legal trends on environmental laws across Europe, the Middle East and Asia, along with their environmental and compliance obligations
ASAR’s contribution highlighted the primary drivers for local renewable energy, key solar projects in the pipeline towards realizing solar power generation, conditions for setting up businesses by foreign entities, targeted stakeholders as well as governing laws involved in the solar power facilities establishment. Due to the growing body of legislation and increasing worldwide environmental concerns ranging from climate change to sustainability, regulators are now placing new and more stringent demands upon businesses to meet advanced environmental standards. The guide provides practical advice on key environmental issues on a country-by-country basis across 33 jurisdictions.
Mr. Sam Habbas, Senior Partner at ASAR said: “Kuwait is a leading exporter of oil given its significant oil reserves. Over 70% of its electricity generation comes from oil fired technology. Year on year, Kuwait’s electricity consumption is increasing. Kuwait’s domestic consumption and reliance on oil and gas for power consumption can significantly decrease with the development of solar energy in the country, given its huge solar potential. Adopting the benefits of solar power and renewable energy as a whole and accelerating the growth of this niche sector will lead to a sustainable momentum that is dependable for future business operations.”
“Kuwait does not currently have any operational, utility-scale solar facilities. It is expected that a tender will be issued soon for the construction of a 280 MW power station, 60MW of which will be solar power. The country is also planning a 70MW solar and wind plant which is scheduled to be a joint venture between the Kuwait Ministry of Electricity and Water as well as the Kuwait Institute of Scientific Research,” added Mr. Habbas.
Mr. Habbas also noted that the business case for solar power in Kuwait remains strong, with electricity demand growing rapidly along with the volume of expensive oil and diesel. The need to adopt a solar power approach across the country’s viable component of its increasing energy mix is a growing topic that will help pave the way for a more sustainable performance of the petroleum sector.
Given the experience of ASAR in the areas of solar and renewable energy, ASAR is uniquely positioned to service its clients who engage in such industry sectors. Additionally, with dedicated offices in Kuwait and Bahrain coupled with its associated offices and relationships, ASAR provides clients across an extensive range of industry sectors with comprehensive legal advice and support for their business activities in Kuwait, across the GCC and beyond.
The firm has been consistently rated as the leading corporate and commercial law firm in Kuwait by reputable legal guides such as the Chambers Global Guide, International Financial Law Review and the Legal 500. In 2012, ASAR was named as the “Best Law Firm in Kuwait 2012” by the International Financial Law Review (IFLR), the market-leading guide for financial law firms worldwide. The firm also won the “Best Equity Deal in the Middle East” award by IFLR during the same year.