ACWA Power and Korea Western Power (KOWEPO) have signed an MoU to jointly explore renewable energy, energy storage and related infrastructure opportunities in Uzbekistan, combining their technical, development and financing capabilities.
Key Overview:
- Companies: ACWA Power and KOWEPO
- Market: Uzbekistan
- Focus: Renewable energy, energy storage and related infrastructure
- Agreement: Memorandum of Understanding (MoU)
- ACWA Power presence: Active in Uzbekistan since 2019
- ACWA portfolio: 19 projects exceeding 10 GW
- Potential investment: Up to $15 billion
ACWA Power and KOWEPO Sign Renewable Energy MoU
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 and establishes 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.
“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. We also look forward to working together to facilitate engagement with Korean financial institutions and support the continued development of Uzbekistan’s energy transition,” commented Abid Malik.
ACWA Power Expands Uzbekistan Energy Portfolio
ACWA Power has been active in Uzbekistan since 2019 and has projects spanning wind, solar, BESS, conventional generation and green hydrogen.
Uzbekistan is currently ACWA Power’s second-largest market by investment volume after Saudi Arabia. The company is implementing 19 projects in Uzbekistan with combined capacity exceeding 10 GW and total planned investment of up to $15bn.
Its portfolio includes wind and solar power plants, battery energy storage systems, conventional generation facilities and green hydrogen projects.
Earlier this year, ACWA Power secured a loan from the Asian Development Bank to build a 300-MW wind farm in Uzbekistan’s Bukhara region and brought into commercial operation a 334-MW/501-MWh battery energy storage system in the country.
The company’s existing presence in Uzbekistan provides a platform for the new partnership to assess additional renewable energy and infrastructure opportunities.
KOWEPO Brings International Energy Experience
KOWEPO has secured four energy projects in the Middle East, where it is constructing and operating 3.5 gigawatts of renewable capacity and 877 megawatts of combined-cycle gas turbine capacity .
Under the new partnership, KOWEPO plans to combine its experience in developing projects in the Middle East with ACWA Power’s existing operations in Uzbekistan to assess potential projects in the country and potentially elsewhere in the region.
KOWEPO, established in 2001 following the restructuring of South Korea’s power sector, is a state-owned electricity generation company. Its activities include power generation, energy infrastructure and international projects.
The company is also involved in solar and wind energy, fuel cells and hydrogen technologies.
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Partnership to Explore Renewable Energy and Storage
The cooperation agreement creates a joint framework to screen, evaluate and develop clean energy infrastructure assets.
ACWA Power will contribute its local project execution infrastructure, operational track record in Central Asia and technical expertise across wind, solar, green hydrogen and utility-scale energy storage.
KOWEPO will provide engineering and project management capabilities in power generation, grid modernization expertise and links to Korean financial and industrial institutions.
At a system level, the partners will evaluate projects spanning renewable power generation, including solar photovoltaics and onshore wind, energy storage systems and grid-connection infrastructure.
The framework will facilitate joint feasibility assessments, technology evaluations and engagement with international and Korean financing institutions to support bankable and resilient energy assets.
Outlook
The partnership comes as Uzbekistan continues to develop renewable energy and energy storage capacity as part of its broader energy transition.
For ACWA Power, the agreement builds on an established project portfolio in the country. For KOWEPO, it creates an opportunity to apply its international project development experience alongside ACWA Power’s local presence.
The MoU does not itself commit the companies to specific projects or investments. Potential projects will remain subject to further evaluation, internal approvals and definitive agreements.
The cooperation nevertheless provides a framework for the two companies to identify opportunities in renewable energy, energy storage and related infrastructure, while potentially connecting Uzbekistan projects with Korean financial and industrial institutions.
FAQs
1. What did ACWA Power and KOWEPO sign?
They signed a Memorandum of Understanding to explore renewable energy, energy storage and related infrastructure opportunities in Uzbekistan.
2. What renewable energy projects will the companies explore?
The partnership will assess projects involving solar photovoltaics, onshore wind, energy storage systems and grid-connection infrastructure.
3. How long has ACWA Power operated in Uzbekistan?
ACWA Power has been active in Uzbekistan since 2019 and is implementing 19 projects with combined capacity exceeding 10 GW.
4. Does the MoU guarantee new projects or investment?
No. Potential projects will be considered individually and remain subject to further evaluation, internal approvals and definitive agreements.
Sources: SolarQuarter, Renewables Now, Daryo, Uz Daily, Industry Asia Pacific
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