Saudi-listed ACWA Power and Korea Western Power Co., Ltd. (KOWEPO) have signed a Memorandum of Understanding (MoU) to explore renewable energy cooperation in Uzbekistan. The agreement was signed in Tashkent, establishing a framework for the two companies to evaluate potential projects in renewable energy, energy storage, and related infrastructure.
The signing ceremony was attended by Abid Malik, President of ACWA Central Asia, and Lee Jung-bok, CEO of KOWEPO. Under the MoU, the companies will jointly identify potential renewable energy business opportunities, initially focusing on Uzbekistan. Any projects will be considered on a project-by-project basis and will remain subject to further evaluation, internal approvals and the signing of definitive agreements.
The collaboration will combine ACWA Power’s experience in developing large-scale power and renewable energy projects with KOWEPO’s business development capabilities and international experience. The companies also intend to explore opportunities to support infrastructure linked to Uzbekistan’s energy transition.
Abid Malik said the agreement reflects growing international confidence in Uzbekistan’s energy sector. He noted that the partnership could provide a platform for exploring renewable energy and related infrastructure opportunities while also supporting engagement with Korean financial institutions.
Lee Jung-bok said the MoU represents an important step in evaluating opportunities in Uzbekistan’s renewable energy market. He highlighted the companies’ respective strengths and experience and said KOWEPO would continue seeking new growth opportunities by building on its experience in the Middle East and relationships with international companies.
KOWEPO has been expanding its cooperation with the Uzbek government and local companies as it seeks to increase its presence in the country’s renewable energy sector. The latest agreement is expected to help the company explore potential partnerships with ACWA Power, which has significant experience in developing large-scale energy projects in Uzbekistan.
The MoU comes as Uzbekistan continues to attract international investment into renewable energy and supporting infrastructure. The country is seeking to expand clean energy capacity and strengthen its electricity system, creating opportunities for international developers, technology providers and financial institutions.
Through the new cooperation framework, ACWA Power and KOWEPO will assess potential projects and determine areas where their combined expertise can support Uzbekistan’s renewable energy development. Further details on specific projects are expected to emerge following feasibility assessments, approvals and commercial negotiations.
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