Business · 2026-10-16 · Afternoon briefing

Uzbekistan signs $4.7bn in energy deals, plans new nuclear plants

Uzbekistan has signed six energy agreements worth $4.7bn (€4.19bn) to expand its power grid, part of a drive by President Shavkat Mirziyoyev to attract foreign investment. The deals, concluded in Tashkent, will add 3,000 megawatts of new generating capacity and 400 MW of storage. Partners include firms from Saudi Arabia (ACWA Power), the UAE (AMEA Power), and France (EDF).

The agreements coincide with plans for two more nuclear power plants, building on a first facility being developed with Russia's Rosatom. By 2030, the government aims to add 22 gigawatts of total capacity and increase the share of renewables to 54% of generation, up from 31% today. The strategy also includes building 5,000 kilometres of new power lines and 16 substations.

The investment push, which follows $35bn committed to the sector over the past decade, is designed to meet rising demand. However, the International Finance Corporation’s country manager pointed to a persistent weakness. Despite the new supply, Uzbekistan remains a "highly energy-intensive economy."

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• Uzbekistan’s trade deficit soars 93% y/y to $11.7bn in Jan-Aug

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