The Saudi Arabian energy company ACWA Power and the South Korean company Korea Western Power Co., Ltd. (KOWEPO) signed a memorandum of understanding in Tashkent on August 25, 2026. The goal of the agreement is to jointly study opportunities in renewable energy and energy storage systems in Uzbekistan.
According to ACWA Power, this agreement provides for the joint assessment of renewable energy sources, battery energy storage systems, and corresponding grid infrastructure across Uzbekistan. Furthermore, the partners intend to explore possibilities for attracting financing through financial institutions in South Korea to support project implementation.
Participation in the signing ceremony
The signing ceremony was attended by Abid Malik, President of ACWA Power in Central Asia, and Lee Joon-bok, CEO of KOWEPO. Malik emphasized that this cooperation demonstrates growing international confidence in Uzbekistan's energy sector and creates a platform for utilizing financial resources from Korean institutions within the country's ongoing energy transition.
KOWEPO plans to apply its experience in modernizing South Korea's power grids and transitioning away from fossil fuels. KOWEPO CEO Lee Joon-bok characterized the agreement as an important step toward assessing renewable energy prospects in Uzbekistan by combining the operational strengths of both companies.
Currently, KOWEPO manages 3.5 gigawatts of renewable capacity and 877 megawatts of combined cycle gas turbine capacity across four energy projects in the Middle East, experience which they plan to share with ACWA Power in Central Asia.
Investment activities in Uzbekistan
Uzbekistan is ACWA Power's second largest investment market after Saudi Arabia; the company has been operating in the country since 2019. ACWA Power is implementing 19 projects in Uzbekistan with a total capacity exceeding 10 gigawatts, with potential cumulative investments reaching $15 billion USD. The company's portfolio in Uzbekistan includes ground-based wind energy, solar photovoltaic installations, battery energy storage systems, traditional gas generation, and green hydrogen initiatives.
State-owned KOWEPO, established in 2001 following the restructuring of South Korea's energy sector, develops infrastructure for solar, wind, fuel cell, and hydrogen energy globally.