Uzbekistan Signs $4.7 Billion in Energy Deals for 2030 Goals

President Shavkat Mirziyoyev announced a national strategy to add 22,000 megawatts of new power generation capacity by 2030. This expansion aims to increase annual electricity production to over 129 billion kilowatt-hours and raise the share of renewable energy to 54%.

During investor meetings in Tashkent on October 16, the government signed six energy agreements totaling $4.7 billion. These deals cover 3,000 MW of capacity and 400 MW of storage. Mirziyoyev also revealed plans to construct a second and third nuclear power plant, following the start of construction on a first facility in Jizzakh developed with Russia's Rosatom.

To improve reliability and lower transmission costs, Uzbekistan is transitioning to a competitive tender system for future projects, including six solar and wind initiatives totaling 2,200 MW. The government is also preparing 128 oil and gas exploration blocks for investors and pursuing the Caspian Green Energy Corridor to export renewable electricity to Europe.

To address investment obstacles, Saida Mirziyoyeva, Head of the Presidential Administration, will chair a new Energy Investors' Council. This comes as international partners like ACWA Power and Masdar seek greater stability and reform in the financial and capital markets to support their investments.