Korean capital is seeking new opportunities. Saudi Arabia’s Acwa and South Korea’s KOWEPO are starting with Uzbekistan, but the agreement includes exploring opportunities in renewable energy and energy storage systems with a broader regional focus, reports DKNews.kz .
The companies signed a memorandum of understanding on August 25, 2026, in Tashkent. Acwa’s official announcement outlines a joint assessment of renewable energy projects, energy storage systems, and related infrastructure, as well as the potential involvement of Korean financial institutions.
Uzbekistan will become the first point for Acwa and KOWEPO
The agreement does not yet indicate the launch of a specific power plant. Acwa and Korea Western Power Co., Ltd. intend to consider potential projects separately, following assessments, internal approvals, and the conclusion of final contracts.
Uzbekistan has been identified as the first country for this work. Going forward, according to initial materials, KOWEPO intends to explore new opportunities in the region’s green energy sector.
Another detail is significant for the market here. The partners are discussing not only the construction of generation facilities but also energy storage systems —infrastructure that is becoming especially important as solar and wind capacity grows.
The signing was attended by Acwa President in Central Asia Abid Malik and KOWEPO CEO Lee Joon Bok.
“This collaboration 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,” noted Abid Malik, Acwa’s President for Central Asia.
The wording regarding Korean financial institutions extends the memorandum beyond a simple technology transfer. If the parties move from evaluation to specific transactions, South Korean institutions could become one of the sources of capital for new energy facilities.
So far, however, neither the volume of such financing, nor the list of banks, nor the cost of potential projects have been named.
KOWEPO is backed by 3.5 GW of renewable energy projects.
KOWEPO is the Republic of Korea’s state-owned power company, operating in the electric power industry, energy infrastructure, and international projects. Its areas of focus include solar and wind power generation, hydrogen technologies, and fuel cells.
The initial data indicates that the company has secured four energy projects in the Middle East, where it is building and operating 3.5 GW of renewable energy capacity and another 877 MW of combined cycle power generation .
For KOWEPO, the partnership with Acwa provides the opportunity to enter a new market not from scratch, but rather with a company already operating in Central Asia.
“The memorandum with Acwa is an important step in exploring opportunities in the renewable energy market. We look forward to evaluating the prospects for cooperation and leveraging our strengths and experience. Drawing on our business experience in the Middle East and our partnerships with world-renowned companies, we will continue to explore new growth opportunities,” said Lee Joon-bok, CEO of KOWEPO.
Acwa already has 52.3 GW of renewable energy
The second participant in the deal is significantly larger in scale. According to Acwa’s results for the first half of 2026 , the company managed 111 energy and infrastructure assets in operation, construction, or advanced stages of development.
The portfolio’s total capacity was 98.2 GW , with desalination capacity of 9.7 million cubic meters per day . Renewable sources account for approximately 52.3 GW . The current valuation of the company’s assets under management is approximately $126–127 billion .
Since January 2026, the company has been using the shortened Acwa brand , replacing the previous ACWA Power. As the company explained during the brand update , the change is due to the expansion of its business beyond traditional generation into energy and water infrastructure.
Kazakhstan discussed new projects with Acwa a week before the memorandum
For Kazakhstan, the Tashkent deal does not seem like distant regional news.
Just a week before the signing of the memorandum with KOWEPO, on August 18, 2026 , the Ambassador of Kazakhstan to Saudi Arabia Madiyar Menilbekov met with the Deputy Chairman and Managing Director of Acwa Raad Al-Saadi.
According to a statement from the Kazakh Ministry of Foreign Affairs , the parties discussed promising areas of cooperation in renewable energy. Kazakhstan expressed interest in expanding collaboration and leveraging Acwa’s international expertise for new energy projects.
The company expressed its willingness to consider participating in promising projects in Kazakhstan. However, specific capacities, facilities, investment volumes, and timelines were not disclosed at the time.
This is an important caveat: the current memorandum between Acwa and KOWEPO does not mean that Korean funding is already being directed to Kazakhstan . The document begins with Uzbekistan, and the subsequent geographic scope will depend on which projects the parties deem suitable.
Acwa already has a 1 GW project in Kazakhstan.
The company’s connection with the Kazakhstani market emerged before the current negotiations.
Back in 2023, Acwa signed agreements with the Ministry of Energy of Kazakhstan and Samruk-Kazyna for a 1 GW wind farm project with an energy storage system. The company estimated the initial investment at $1.5 billion .
This cooperation was later cemented by additional agreements between Kazakhstan and Saudi Arabia. Therefore, Acwa’s current entry into a new partnership format with KOWEPO is of interest to Kazakhstan as well: the company demonstrates its willingness to combine its own experience with the technology and financial capabilities of third-party partners.
But for the investor, the memorandum and the completed power plant are different stages. Acwa’s official press release explicitly states that each potential opportunity still requires a separate assessment, internal approvals, and the execution of final agreements.
The following specific projects will determine whether the Korean-Saudi partnership will remain focused on Uzbekistan or expand further across Central Asia.
A week earlier, we reported on Acwa’s renewed interest in energy projects in Kazakhstan . At that time, no specific projects were named; the parties agreed to continue exploring promising areas.
Google machine translated