Saudi-listed ACWA Power has signed a Memorandum of Understanding (MoU) with Korea Western Power Co., Ltd. (KOWEPO) to explore potential opportunities in Uzbekistan’s renewable energy market.
The MoU was signed in Tashkent, Uzbekistan, establishing a framework for the two companies to evaluate potential cooperation in renewable energy, energy storage and related infrastructure projects. The signing ceremony was attended by ACWA Power Central Asia President Abid Malik and KOWEPO CEO Lee Jung-bok.
Under the agreement, the companies will jointly identify renewable energy opportunities, with an initial focus on Uzbekistan. Potential projects will be evaluated on a project-by-project basis and will remain subject to further assessment, internal approvals and the execution of definitive agreements.
The collaboration will leverage the companies’ respective business development experience and local capabilities. The parties will also explore opportunities to facilitate engagement with Korean financial institutions to support the development of energy transition projects in Uzbekistan.
Commenting on the agreement, Abid Malik said the MoU reflects growing international confidence in Uzbekistan’s energy sector and provides a platform to explore renewable energy and related infrastructure opportunities.
Lee Jung-bok said the agreement represents an important step in expanding KOWEPO’s presence in Uzbekistan’s renewable energy market. He added that the company will seek to leverage its experience in the Middle East and its relationships with global companies to identify new growth opportunities.
KOWEPO has been expanding its cooperation with the Uzbek government and local companies. Through the latest agreement, the company aims to strengthen its position in Uzbekistan’s renewable energy sector by exploring potential partnerships with ACWA Power, which has experience in developing large-scale power projects in the country.
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