Uzbekistan has signed six energy agreements valued at $4.7 billion (€4.19 billion), covering new power generation and energy storage, while outlining plans for two additional nuclear power plants. The move is aimed at meeting rising electricity demand from industry and data centres, attracting foreign capital and modernising the country’s power grid.
The agreements were signed in Tashkent on 16 October 2026 during talks involving international companies from Saudi Arabia, the United Arab Emirates, Japan, France and Qatar. Together, the projects represent 3,000 megawatts (MW) of generating capacity and 400 MW of storage, according to Uzbekistan’s presidency.
What Uzbekistan’s energy agreements cover
The project list includes major international energy developers and industrial groups, including ACWA Power, Saudi Tabreed, AMEA Power, Toyota Tsusho, Sojitz, EDF, Nebras Power, StorEn and CRE International.
The agreements form part of a wider effort to expand electricity production and improve the reliability of supply. Uzbekistan says it has attracted $35 billion in energy investment over the past decade, but the government now wants future projects to be planned around the needs of the national grid rather than developed as isolated facilities.
Six further solar and wind projects, with combined capacity of 2,200 MW, are expected to be offered through separate competitive tenders. The government says future tenders will publish grid connection arrangements and electricity purchase terms in advance, providing investors with greater clarity before they commit capital.
Long-term grid and renewable targets
Uzbekistan plans to publish its first National Energy Master Plan, covering the period to 2050, by July 2027. A map identifying potential grid connection opportunities is expected in March, according to the presidency.
The government’s targets for 2030 include:
- Adding 22 GW of generating capacity
- Building 5,000 kilometres of power lines
- Constructing 16 substations
- Increasing energy storage capacity to 4.5 GW
- Raising annual electricity production above 129 billion kilowatt-hours
- Increasing the share of renewables, including hydropower, to 54% of generation, compared with 31% today
Uzbekistan has also proposed 12 manufacturing projects worth $850 million to increase domestic production of energy equipment. The policy is intended to link power-sector expansion with industrial development and local supply chains.
Plans for two more nuclear power plants
President Shavkat Mirziyoyev said Uzbekistan intends to develop a second and a third nuclear power plant. Discussions with potential investors for the second project were scheduled to take place on Saturday, although the government has not announced partners, costs or construction timetables for either new facility.
Construction of Uzbekistan’s first nuclear power plant began in June in Jizzakh, in cooperation with Russia’s Rosatom. The project is designed to include two large reactors and two smaller reactors, with a combined capacity of 2,110 MW.
The first plant is estimated to cost as much as $9.5 billion. Initial technical commissioning is scheduled for 2029, while full completion is planned for 2034–2035. Those dates relate to the first facility and do not establish a timetable for the proposed second and third plants.
The nuclear expansion reflects the government’s search for dependable baseload electricity alongside renewable generation. However, the additional projects remain at an early planning stage, and key details have yet to be confirmed.
Oil, gas and domestic processing plans
Uzbekistan is also seeking foreign investment in oil and gas exploration. BP and Azerbaijan’s SOCAR are involved in exploration across six blocks in the Ustyurt region, while a further 128 blocks have been prepared for potential investors.
Preliminary government estimates suggest the additional blocks could contain 5.8 trillion cubic metres of natural gas and 560 million tonnes of liquid hydrocarbons. These figures are estimates rather than confirmed reserves.
The government also plans to expand domestic processing. Proposed projects include a methanol-to-olefins facility in Bukhara, which would produce chemicals used in plastics manufacturing, upgrades to two oil refineries and private participation in liquefied petroleum gas distribution.
Possible electricity links to Europe
Uzbekistan says plans to export renewable electricity towards Europe through Kazakhstan and Azerbaijan are advancing. The proposed Caspian Green Energy Corridor would require a subsea connection across the Caspian Sea, followed by links through the South Caucasus and the Black Sea.
The initiative is backed by the Asian Development Bank and the Asian Infrastructure Investment Bank. It remains at the feasibility stage, meaning that technical, financial and regulatory questions must still be resolved before construction or electricity exports can begin.
If developed, the corridor could connect Central Asian renewable resources with markets farther west. Its progress would depend on cooperation among several countries, major transmission investment and agreement on cross-border electricity trade.
Investors seek regulatory and financial reforms
International investors welcomed Uzbekistan’s energy ambitions but called for greater predictability and improvements to the country’s financial and capital markets. ACWA Power chairman Mohammad Abunayyan also urged stronger requirements for the use of Uzbek workers and local suppliers.
Masdar chief executive Mohamed Jameel Al Ramahi said the company had invested more than $2 billion in Uzbekistan since 2019, developed more than 2 GW of renewable capacity and committed to an additional 2 GW. He emphasised the importance of stable policies, regulations and contracts for long-term investment.
President Mirziyoyev acknowledged continuing barriers, including bureaucracy and corruption. A new Energy Investors’ Council, chaired by Saida Mirziyoyeva, will focus on issues such as land allocation and grid connections.
What happens next?
The immediate next steps include further negotiations over the proposed second nuclear plant, separate tenders for solar and wind projects and preparation of the national energy master plan. Uzbekistan must also secure financing, complete feasibility work and establish the regulatory arrangements needed for major cross-border electricity infrastructure.
The $4.7 billion agreements mark a significant expansion of Uzbekistan’s energy investment programme, but they do not mean that every announced project is already operational or fully financed. The country’s ability to deliver its targets will depend on grid construction, energy efficiency, investor confidence and the implementation of reforms.
The key takeaway: Uzbekistan is pursuing a broad energy strategy combining renewables, storage, nuclear power, hydrocarbons and potential electricity links to Europe. The signed agreements provide an important investment foundation, while the proposed nuclear plants and Caspian corridor remain subject to further planning and approval.
