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Acwa Teams Up With KOWEPO To Explore Uzbekistan Renewable Projects

Prime Highlights

  • Acwa and KOWEPO sign agreement to explore renewable energy projects in Uzbekistan.
  • Acwa’s Uzbekistan portfolio includes a 2024 partnership with Sumitomo for 2.5 gigawatts of capacity.

Key Facts

  • Acwa’s portfolio spans 111 assets across 16 countries, totaling 98.2 gigawatts of capacity.
  • Shareholders approve a SR352.6 million dividend for the 2025 financial year.

Background

Acwa, the Saudi-listed utility developer formerly known as ACWA Power, has struck an agreement with South Korea’s Korea Western Power Co. (KOWEPO) to look into renewable energy, storage and infrastructure opportunities across Uzbekistan.

The memorandum sets a framework for both firms to scout possibilities and weigh cooperation on individual projects, with anything moving forward still needing further review and formal agreements.

Officials signed the deal in Tashkent, where Acwa Central Asia president Abid Malik met KOWEPO chief executive Lee Jung-bok for the ceremony. Malik pointed to the partnership as a sign of growing international trust in Uzbekistan’s energy sector, giving both sides a base to explore renewable and infrastructure prospects together.

Lee called the agreement a meaningful move toward assessing future cooperation, one that draws on the strengths and experience each company built through prior work in the Middle East.

Acwa already has a strong footing in Uzbekistan. Back in 2024, the company partnered with Japan’s Sumitomo Corp on five renewable projects carrying 2.5 gigawatts of combined capacity alongside 968 megawatts of battery storage.

Earlier this year, Acwa also lined up financing for the 300-megawatt Bash II wind farm in the Bukhara region, with support from the Asian Development Bank, Asian Infrastructure Investment Bank and Standard Chartered Bank.

As of mid-year, Acwa’s portfolio spanned 111 assets across operations, construction and development stages in 16 countries, totaling 98.2 gigawatts of generation capacity, based on its latest first-half results.

In related news, Acwa shareholders signed off on a cash dividend worth roughly SR352.6 million for the 2025 financial year, working out to SR0.46 per share, following the company’s general assembly. Payouts are due to start next month.