Saudi-listed Acwa, a leader in the energy transition, and a first mover into green hydrogen at scale, has entered into an MoU with Korea Western Power Co., Ltd. (KOWEPO) to explore potential opportunities in the Uzbekistan renewable energy market. The agreement was signed in Uzbekistan’s capital Tashkent and establishes a framework for the two companies to assess potential cooperation across renewable energy, energy storage and related infrastructure projects. The signing ceremony was attended by President of Acwa Central Asia Abid Malik and KOWEPO CEO Lee Jung-bok.
Under the MoU, the parties will jointly identify renewable energy business opportunities and establish a basis for cooperation, with an initial focus on Uzbekistan. Potential projects will be considered individually and will remain subject to further evaluation, internal approvals and definitive agreements. The companies will also draw on their respective business development experience and local capabilities as they assess opportunities in the Uzbekistan renewable energy market.
Acwa Highlights International Confidence in Uzbekistan
Commenting on the MoU, Abid Malik, President of Acwa Central Asia, said, “We are pleased to sign this MoU with KOWEPO following several months of constructive engagement and KOWEPO’s visit to our facilities in Uzbekistan. 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.”
KOWEPO Seeks New Growth Opportunities
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. 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 also been expanding its cooperation with the Uzbek government and local companies. Through the latest Uzbekistan renewable energy market agreement, the company aims to further strengthen its presence in the country’s renewable energy market by examining potential partnerships with Acwa. The collaboration will build on Acwa’s extensive experience in developing large-scale power projects in Uzbekistan.
