Tashkent, Uzbekistan (UzDaily.uz) — Saudi energy company Acwa and South Korea's Korea Western Power Co., Ltd. (KOWEPO) signed a memorandum of understanding in Tashkent on 25 August 2026 to jointly explore renewable energy and energy storage opportunities in Uzbekistan.
According to Acwa, the agreement covers joint assessments of renewable energy, battery energy storage systems, and related grid infrastructure across Uzbekistan. The partners also plan to explore financing opportunities with South Korean financial institutions to support project execution.
The signing ceremony was attended by Abid Malik, President of Acwa in Central Asia, and Lee June-bok, Chief Executive Officer of KOWEPO. Malik noted that the collaboration highlights growing international confidence in Uzbekistan's power sector and establishes a platform to leverage Korean financial institutions for the country's ongoing energy transition.
KOWEPO expects to apply South Korea's experience in power grid modernization and the transition away from fossil fuels. KOWEPO CEO Lee June-bok described the agreement as an important step toward evaluating renewable prospects in Uzbekistan by combining both companies' operational strengths. KOWEPO currently operates 3.5 gigawatts of renewable capacity and 877 megawatts of combined-cycle gas turbine capacity across four energy projects in the Middle East, experience it intends to leverage alongside Acwa in Central Asia.
Uzbekistan represents Acwa's second-largest market by investment volume after Saudi Arabia, with the company operating in the country since 2019. Acwa is implementing 19 projects in Uzbekistan with a total capacity exceeding 10 gigawatts and potential aggregate investments reaching US$15 billion. The company's Uzbek portfolio encompasses onshore wind power, solar photovoltaics, battery energy storage systems, traditional gas-fired generation, and green hydrogen initiatives. State-owned KOWEPO, established in 2001 following South Korea's power sector restructuring, develops solar, wind, fuel cell, and hydrogen energy infrastructure globally.
Correction: ACWA Power changed its name to Acwa as part of a rebranding in January 2026. The company name has been updated in the text.
