ACWA, KOWEPO Sign MoU to Explore Renewable Energy Projects in Uzbekistan

Saudi listed ACWA Power has signed a memorandum of understanding (MoU) with Korea Western Power (KOWEPO) to jointly explore renewable energy opportunities in Uzbekistan, including energy storage and related infrastructure.

The agreement was signed in Tashkent and will initially focus on identifying and assessing potential renewable energy projects on a project by project basis. The companies will draw on their respective business development expertise and local capabilities to evaluate opportunities.

ACWA Power and KOWEPO also plan to facilitate engagement with Korean financial institutions as potential projects are developed. However, any projects identified under the partnership will remain subject to further evaluation, internal approvals and definitive agreements.

ACWA Central Asia President Abid Malik said that the agreement reflects growing international interest in Uzbekistan’s energy sector and provides a platform to explore renewable energy and associated infrastructure opportunities.

KOWEPO CEO Lee Jung bok said that the MoU marks a step towards exploring Uzbekistan’s renewable energy market, adding that the company would leverage its experience in the Middle East and relationships with global companies to identify new growth opportunities.