Acwa and KOWEPO to study renewable energy projects in Uzbekistan
Saudi Arabia's Acwa and South Korea's KOWEPO signed a memorandum of cooperation in the field of renewable energy and energy storage systems.
Acwa and KOWEPO to Explore Renewable Energy Projects in Uzbekistan.
Saudi Arabian energy company Acwa and South Korea's Korea Western Power Co., Ltd. (KOWEPO) signed a memorandum of understanding to explore renewable energy and energy storage projects in Uzbekistan. The document was signed on August 25 in Tashkent.
According to Acwa, the agreement provides for a joint assessment of cooperation prospects in Uzbekistan's renewable energy market, including projects in renewable energy, energy storage systems, and related infrastructure. The parties also plan to explore financing opportunities from South Korean financial institutions.
Abid Malik, President of Acwa in Central Asia, and Lee Joon-bok, CEO of KOWEPO, attended the signing ceremony.
"This cooperation reflects growing international confidence in Uzbekistan's energy sector and creates a platform for exploring opportunities in renewable energy and related infrastructure." "We also look forward to working together to attract Korean financial institutions and support the ongoing energy transition in Uzbekistan," said Abid Malik.
According to the companies, cooperation with KOWEPO will allow them to leverage South Korea's experience in modernizing the energy system and transitioning from fossil fuels to renewable energy sources.
"The memorandum with Acwa is an important step in exploring opportunities in the Uzbek renewable energy market. We look forward to assessing the prospects for cooperation and leveraging our strengths and experience," said Lee Joon-bok.
KOWEPO is implementing four energy projects in the Middle East. The company is building and operating 3.5 GW of renewable energy capacity and 877 MW of combined-cycle power plants there. The South Korean company intends to leverage its accumulated experience in the Middle East in collaboration with Acwa to identify new projects in Uzbekistan and potentially other countries in the region.
Acwa has been operating in Uzbekistan since 2019. According to the company, the country is its second-largest market by investment volume after Saudi Arabia. Acwa is implementing 19 projects in Uzbekistan with a combined capacity of over 10 GW, and the total investment in these projects could reach $15 billion.
Acwa's project portfolio in Uzbekistan includes wind and solar power facilities, energy storage systems, conventional power generation, and green hydrogen projects.
KOWEPO is a state-owned energy company in South Korea, established in 2001 as a result of the reorganization of the country's energy sector. The company is engaged in power generation, energy infrastructure development, and international cooperation, including projects in solar and wind power, fuel cells, and hydrogen technologies.