Saudi-listed company Acwa has entered into 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 on August 25, 2026, in Tashkent. It establishes a framework for assessing potential collaboration between the parties in renewable energy projects, energy storage systems, and associated infrastructure. The signing ceremony was attended by Abid Malik, President of Acwa Central Asia, and Lee Jung-bok, CEO of KOWEPO.
"This collaboration reflects growing international confidence in Uzbekistan’s energy sector and creates a platform to explore opportunities in renewable energy and associated infrastructure. We also look forward to working together to attract Korean financial institutions and support the ongoing energy transition in Uzbekistan," noted Abid Malik, President of Acwa Central Asia.
The partnership with KOWEPO will allow Uzbekistan to leverage South Korea's expertise in grid modernization. As a key player in Korea's green transition, the company brings practical experience in the phased substitution of fossil fuels with renewable energy sources.
"The MoU with Acwa is a significant step in exploring opportunities within Uzbekistan’s renewable energy market. We look forward to assessing collaboration prospects and applying our strengths and expertise. Building on the business experience gained in the Middle East and partnerships with world-renowned companies, we will continue to seek new avenues for growth," stated Lee Jung-bok, CEO of KOWEPO.
KOWEPO has secured four energy projects in the Middle East, where it is constructing and operating 3.5 GW of renewable energy capacity and 877 MW of combined-cycle gas turbine capacities. The company plans to combine its business development experience in the Middle East with Acwa’s local capabilities to explore new projects in Uzbekistan and potentially across the broader region.
