Post - Articles
Acwa, KOWEPO sign deal to explore renewable projects in Uzbekistan
- an hour ago (2026-08-27)
- Junior Isles
Saudi-listed utility developer Acwa, formerly ACWA Power, and South Korea’s Korea Western Power Co. (KOWEPO) have signed an agreement to explore renewable energy, energy storage and related infrastructure projects in Uzbekistan.
EP Shangahi 2026
The memorandum of understanding establishes a framework for the companies to identify opportunities and assess potential cooperation on a project-by-project basis, according to an Acwa statement. Any potential projects would be subject to further evaluation, internal approvals and definitive agreements.
The announcement did not identify specific projects or disclose investment values or generation capacity.
Saudi Arabia’s energy companies are increasingly expanding their international renewable energy portfolios as governments across emerging markets seek to accelerate the transition to cleaner power and strengthen energy security. The push is creating new opportunities for Saudi developers to partner with global utilities and investors on renewable energy, storage and related infrastructure projects.
Abid Malik, president of Acwa Central Asia, said: “This collaboration reflects growing international confidence in Uzbekistan’s energy sector and creates a platform to explore potential opportunities in renewable energy and related infrastructure.”
The agreement was signed in Tashkent, with Malik and Korea Western Power CEO Lee Jung-bok attending the ceremony. Acwa said the partnership could also facilitate engagement with Korean financial institutions.
Lee Jung-bok, KOWEPO CEO, said: “This MoU with Acwa represents an important step in exploring potential opportunities in Uzbekistan’s renewable energy market. We look forward to evaluating opportunities for cooperation and leveraging our respective strengths and experience.”
He added: “Building on the business experience we have accumulated in the Middle East and our cooperative relationships with globally renowned companies, we will continue to identify new growth opportunities.”
KOWEPO has been expanding its cooperation with the Uzbek government and local companies, according to Acwa. The company intends to use the agreement to evaluate opportunities in the country’s renewable energy market with Acwa.
The Saudi developer has an established pipeline in Uzbekistan. In 2024, it signed a joint development agreement with Japan’s Sumitomo Corp. covering five renewable energy projects with 2.5 GW of combined generation capacity and 968 MW of battery storage, with a combined investment value of about $4.2 billion.
In May, Acwa also signed $226 million in financing agreements for the 300 MW Bash II wind farm in Uzbekistan’s Bukhara region, with funding from the Asian Development Bank, Asian Infrastructure Investment Bank and Standard Chartered Bank.