27/08/2026 03:15 AST
Saudi-listed utility developer Acwa, formerly 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 establishes a framework for the companies to identify opportunities and assess potential cooperation on a project-by-project basis, according to an Acwa statement. Any potential projects would be subject to further evaluation, internal approvals and definitive agreements.
The announcement did not identify specific projects or disclose investment values or generation capacity.
Saudi Arabia's energy companies are increasingly expanding their international renewable energy portfolios as governments across emerging markets seek to accelerate the transition to cleaner power and strengthen energy security. The push is creating new opportunities for Saudi developers to partner with global utilities and investors on renewable energy, storage and related infrastructure projects.
Abid Malik, president of Acwa Central Asia, said: "This 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 Korea Western Power CEO Lee Jung-bok attending the ceremony. Acwa said the partnership could also facilitate engagement with Korean financial institutions.
Lee Jung-bok, KOWEPO CEO, said: "This MoU with Acwa represents an important step in exploring potential opportunities in Uzbekistan's renewable energy market. We look forward to evaluating opportunities for cooperation and leveraging our respective strengths and experience."
He added: "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."
Uzbekistan portfolio
KOWEPO has been expanding its cooperation with the Uzbek government and local companies, according to Acwa. The company intends to use the agreement to evaluate opportunities in the country's renewable energy market with Acwa.
The Saudi developer has an established pipeline in Uzbekistan. In 2024, it signed a joint development agreement with Japan's Sumitomo Corp. covering five renewable energy projects with 2.5 gigawatts of combined generation capacity and 968 megawatts of battery storage, with a combined investment value of about $4.2 billion.
In May, Acwa also signed $226 million in financing agreements for the 300-MW Bash II wind farm in Uzbekistan's Bukhara region, with funding from the Asian Development Bank, Asian Infrastructure Investment Bank and Standard Chartered Bank.
At the end of June, Acwa had 111 assets across operations, construction and advanced development in 16 countries, with 98.2 GW of power-generation capacity and daily desalination capacity of 9.7 million cubic meters, according to its first-half results.
Shareholders approve dividend
Separately, Acwa shareholders approved a cash dividend of approximately SR352.6 million ($93.8 million) for the financial year ended Dec. 31, 2025, equivalent to SR0.46 per share, the company said following its Aug. 25 ordinary general assembly.
The proposal had received board recommendation in July and was put to shareholders at the Aug. 25 meeting. The dividend represents SR0.46 per share, or 4.6% of the share's nominal value.
Eligible shareholders are those registered with the Securities Depository Center Co., known as Edaa, at the end of the second trading day following the general assembly. Dividend distribution is scheduled to begin on Sept. 9.
Arab News
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