RIYADH: 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.”
