Saudi-listed Acwa, the worldโs largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, has entered into an MoU with Korea Western Power Co., Ltd. (KOWEPO) to explore potential opportunities in Uzbekistanโs renewable energy market.
The MoU was signed today in Uzbekistanโs capital Tashkent, establishing a framework for the parties to evaluate potential cooperation opportunities in renewable energy, energy storage and related infrastructure projects. The signing ceremony was attended by President of Acwa Central Asia Abid Malik and KOWEPO CEO Lee Jung-bok.
The agreement provides a framework for the parties to jointly identify renewable energy business opportunities and establish a foundation for cooperation, with an initial focus on Uzbekistan. The parties will explore potential opportunities on a project-by-project basis, subject to further evaluation, internal approvals and definitive agreements, while leveraging their respective business development experience and local capabilities.
Commenting on the MoU, Abid Malik, President of Acwa Central Asia, said: โWe are pleased to sign this MoU with KOWEPO following several months of constructive engagement and KOWEPOโs visit to our facilities in Uzbekistan. This collaboration reflects growing international confidence in Uzbekistanโs energy sector and creates a platform to explore potential opportunities in renewable energy and related infrastructure. We also look forward to working together to facilitate engagement with Korean financial institutions and support the continued development of Uzbekistanโs energy transition.โ
Lee Jung-bok, KOWEPO CEO, said: โThis MoU with Acwa represents an important step in exploring potential opportunities in Uzbekistanโs renewable energy market. We look forward to evaluating opportunities for cooperation and leveraging our respective strengths and experience. Building on the business experience we have accumulated in the Middle East and our cooperative relationships with globally renowned companies, we will continue to identify new growth opportunities.โ
KOWEPO has been expanding its cooperation with the Uzbek government and local companies. Building on this latest agreement, KOWEPO aims to strengthen its presence in the countryโs renewable energy market by exploring potential partnerships with Acwa, which has extensive experience in developing large-scale power projects in Uzbekistan.
