Memorandum signed to explore potential renewable energy projects
In Tashkent, Saudi company ACWA Power signed a Memorandum of Understanding with Korea Western Power (KOWEPO) to investigate potential opportunities within Uzbekistan’s renewable energy sector.
According to the agreement, the parties will work together to evaluate opportunities for implementing renewable energy, energy storage, and related infrastructure projects in Uzbekistan. They will also consider attracting South Korean financing for these initiatives.
At the ceremony, Abid Malik, President for Central Asia at ACWA Power, emphasized that the agreement would help deepen collaboration between the companies.
“This partnership demonstrates increasing global confidence in Uzbekistan’s energy sector and establishes a foundation for developing renewable energy projects and infrastructure. We also anticipate collaborating to involve Korean financial institutions and bolster Uzbekistan’s energy transition”, Abid Malik stated.
Another key element of the cooperation is Uzbekistan’s ability to leverage South Korea’s expertise in the energy transition. KOWEPO plays an active role in the energy transition and has gained extensive hands-on experience replacing fossil fuels with renewable sources.
KOWEPO CEO Lee Jung-bok said the signing of the memorandum is a significant step toward exploring opportunities in Uzbekistan’s renewable energy sector.
“We look forward to assessing opportunities for cooperation and leveraging our strengths. Drawing on the business experience we have gained in the Middle East and our partnerships with globally renowned companies, we will continue to seek new growth opportunities”, he noted.
KOWEPO’s experience in this area is evident in its Middle East projects. The company is currently developing four energy initiatives in the region, including renewable energy facilities totaling 3.5 GW and combined-cycle power plants with a capacity of 877 MW. The knowledge acquired from these projects in the Middle East is anticipated to complement ACWA Power’s capabilities in Uzbekistan and Central Asia.
Nasiba Ziyodullayeva, UzA
