Uzbekistan plans to implement new investment projects aimed at developing its energy sector and expanding its electricity generation capacity. Six agreements worth a total of US$4.7 billion have been signed in the country. Plans to construct two additional nuclear power plants (NPPs) have also been announced.

The announcement was made at a meeting of the Energy Sector Investors Council held in Tashkent with the participation of Uzbekistan’s President, Shavkat Mirziyoyev. Under the agreements, the country plans to commission 3,000 megawatts of new power generation capacity, along with energy storage systems with a capacity of 400 megawatts.

International companies participating in the projects include Saudi Arabia’s ACWA Power, France’s EDF, Japan’s Toyota Tsusho and the United Arab Emirates’ AMEA Power. In addition to the first nuclear power plant currently under construction, Uzbekistan intends to build two more facilities of this kind.

These initiatives form part of Uzbekistan’s strategy to increase the share of renewable energy sources in total electricity generation to 54 percent by 2030. The country has also prepared 128 new sites for geological exploration to attract foreign investors. These areas are believed to have potential oil and gas reserves.

Uzbekistan is also exploring opportunities to export electricity to Europe. Particular attention is being given to developing an energy corridor through Kazakhstan and Azerbaijan, including a planned route beneath the Caspian Sea.

International investors and financial institutions have positively assessed Uzbekistan’s efforts to modernize its energy sector, develop new generation capacity and improve conditions for investment.