ACWA Power and KOWEPO Plan Joint Renewable Energy Projects Across Uzbekistan
ACWA Power and KOWEPO Plan Joint Renewable Energy Projects Across Uzbekistan
Saudi-listed utility developer Acwa, formerly known as ACWA Power, and South Korea’s Korea Western Power Co. have signed an agreement to explore renewable energy, energy storage, and related infrastructure projects in Uzbekistan.
The memorandum of understanding sets up a framework for the two companies to identify opportunities and evaluate potential cooperation on a project-by-project basis, according to an Acwa statement. Any resulting projects would still require further evaluation, internal approvals, and definitive agreements before moving forward. The announcement did not name specific projects or disclose investment values or generation capacity.
Saudi energy companies have been steadily expanding their international renewable energy footprint as governments across emerging markets look to accelerate the shift toward cleaner power and strengthen energy security. This trend is opening new avenues for Saudi developers to partner with global utilities and investors on renewable energy, storage, and infrastructure ventures.
Abid Malik, president of Acwa Central Asia, said the collaboration reflects growing international confidence in Uzbekistan’s energy sector and creates a platform to explore potential opportunities in renewable energy and related infrastructure. The agreement was signed in Tashkent, with Malik and KOWEPO CEO Lee Jung-bok attending the signing ceremony. Acwa said the partnership could also open the door to engagement with Korean financial institutions.
Lee Jung-bok called the agreement an important step in exploring opportunities within Uzbekistan’s renewable energy market, expressing interest in evaluating cooperation that leverages both companies’ respective strengths and experience. He added that building on KOWEPO’s business experience in the Middle East and its relationships with globally recognized companies would help the firm continue identifying new growth opportunities.
According to Acwa, KOWEPO has been steadily expanding its cooperation with the Uzbek government and local companies, and intends to use this agreement to evaluate renewable energy opportunities in the country alongside Acwa.
Acwa already has an established pipeline of projects in Uzbekistan. In 2024, the company signed a joint development agreement with Japan’s Sumitomo Corp. covering five renewable energy projects with a combined generation capacity of 2.5 gigawatts and 968 megawatts of battery storage, representing a total investment of approximately $4.2 billion. In May, Acwa also secured $226 million in financing agreements for the 300-megawatt Bash II wind farm in Uzbekistan’s Bukhara region, backed by funding from the Asian Development Bank, Asian Infrastructure Investment Bank, and Standard Chartered Bank.
As of the end of June, Acwa reported 111 assets across operations, construction, and advanced development spanning 16 countries, with a total power-generation capacity of 98.2 gigawatts and daily desalination capacity of 9.7 million cubic meters, according to its first-half results.
Separately, Acwa shareholders approved a cash dividend of approximately SR352.6 million ($93.8 million) for the financial year ended December 31, 2025, equivalent to SR0.46 per share, the company announced following its August 25 ordinary general assembly. The proposal, which received board recommendation in July, represents 4.6 percent of the share’s nominal value. Shareholders registered with the Securities Depository Center Co., known as Edaa, by the end of the second trading day following the assembly will be eligible for the dividend, with distribution set to begin on September 9.
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