Uzbekistan is embarking on an ambitious plan to nearly double its electricity generation from 82 billion kilowatt-hours to more than 120 billion kilowatt-hours within five years, turning its power sector into one of the region's most significant investment tests. The drive reflects surging demand from industry, population growth, and new sectors like digital infrastructure, as the country seeks to expand supply while reducing reliance on fossil fuels.
Speaking at the Tashkent International Investment Forum (TIIF), President Shavkat Mirziyoyev said renewable energy is expected to account for 54% of electricity generation by 2030. He noted that Uzbekistan has already attracted nearly $6 billion (€5.3 billion) in foreign investment for green energy projects and plans to invest a further $4 billion (€3.5 billion) in electricity transmission networks. Mirziyoyev also called for investment in solar and wind power plants, energy storage systems, grid modernisation, and green-energy-powered data centres, linking the country's electricity plans to its broader industrial and digital agenda.
International Financing and Policy Reform
International financial institutions are already playing a central role. In 2025, the European Bank for Reconstruction and Development (EBRD) invested almost $2 billion (€1.8 billion) across 120 projects in Central Asia and Mongolia, with more than $1 billion (€880 million) going to Uzbekistan. Over half of the EBRD's regional investments were classified as green, and around one-third supported sustainable infrastructure projects.
In Uzbekistan, EBRD financing has backed large-scale renewable energy and storage projects, including a $142 million (€125 million) package for a combined 1GW solar photovoltaic and 1,336MWh battery energy storage plant developed with ACWA Power. The bank also arranged up to $195.5 million (€171 million) for a 300MW solar plant and 75MWh battery storage facility by Masdar in the Kashkadarya region.
In an interview on the sidelines of TIIF, Huseyin Ozhan, the EBRD's Managing Director for Central Asia and Mongolia, stressed that increasing energy capacity requires both financing and regulatory reform. "We need to look at it from two angles. Number one, investments. And number two, policy engagement," Ozhan said. According to him, governments across the region have adopted long-term decarbonisation strategies, with international financial institutions helping to develop roadmaps and sector-specific plans. "Most of the countries in Central Asia have already committed to full decarbonisation in 2050 or 2060," he added. "There is a long-term decarbonisation plan and roadmaps accompanying these decisions."
The EBRD has also worked with Uzbekistan on low-carbon pathways for the energy sector as part of these efforts. For the bank, renewable energy remains the main investment route for reducing dependence on fossil-fuel infrastructure. Central Asian countries still rely heavily on fossil fuels, particularly through ageing electricity and heating systems, Ozhan noted. At the same time, governments are expanding renewable projects while updating regulations to support private investment. "If you were to say how we are going to do it in one word, that's renewables," Ozhan told Euronews.
In Uzbekistan, this approach is visible in projects that combine solar generation with battery storage, showing how financing is moving beyond new power plants alone and towards systems able to absorb more renewable electricity. For investors, the shift makes renewables part of a wider infrastructure story: generation capacity, storage, grid connection, and regulation all need to advance together.
Nuclear Enters the Mix
Renewables are central to Uzbekistan's plans, but they are not the only technology being added. In June, Uzbekistan marked the start of construction of its first nuclear power project in the Jizzakh region, moving another part of its power expansion from planning to implementation. The planned plant is expected to include two large reactors of around 1,000MW each, alongside two small modular reactors of around 55MW each, adding a new source of low-carbon baseload capacity.
In a separate interview on the sidelines of TIIF, Sama Bilbao y León, Director General of the World Nuclear Association, said Uzbekistan's decision reflects a broader trend among growing economies looking for reliable electricity to support development. "These are countries with enormous resources, but a desire to grow and develop. And you are going to need energy to do that," she said. Bilbao y León noted that Uzbekistan's nuclear plans reflect both growing electricity demand and the country's desire to reduce the share of natural gas in power generation. "In the case of Uzbekistan, this is a country with 75% of its electricity coming from natural gas and with a desire to use that natural gas for other applications. This is where nuclear energy is going to take a very important role," she said.
The EBRD's support for youth entrepreneurship in Uzbekistan, through a $50 million loan, underscores the broader economic transformation underway. As the country targets $5 billion in AI exports by 2030, reliable and clean electricity will be critical. The success of Uzbekistan's power expansion will serve as a bellwether for how international investment can drive energy transitions in emerging economies across Central Asia and beyond.
