Uzbekistan secures $15B Saudi investment in renewable energy
Tashkent partners with ACWA Power to expand clean energy capacity as country faces rising demand and seasonal shortages
TASHKENT, Uzbekistan (MNTV) — Uzbekistan is moving to transform its energy sector with a wave of Saudi-backed investments worth more than $15 billion, part of a strategy to expand renewable power and reduce dependence on natural gas.
According to UZ Daily, Saudi Arabia’s ACWA Power is leading the effort with a portfolio of 19 projects, 18 of them in renewable energy. The company plans to lift Uzbekistan’s electricity generation capacity from the current 3.5–4 gigawatts to 10 gigawatts in the coming years, making it one of the country’s largest foreign investors.
ACWA Power Chief Executive Marco Arcelli announced on September 30 that construction of a 1.5 GW wind power plant in Kungrad district is being accelerated as a priority project. “In the coming months, we plan to conduct a detailed assessment of areas with the highest demand for new projects. Our main priority right now is the successful implementation of ongoing initiatives,” he said.
The expansion builds on a $5 billion agreement signed at the Tashkent International Investment Forum in June, deepening cooperation between Saudi investors and the Uzbek government.
Officials say the projects are crucial to meeting rising energy demand in a country that has struggled with seasonal power shortages in recent winters.
Uzbekistan aims to raise the share of renewables in its energy mix to 40 percent by 2030. Officials argue that partnerships with foreign companies are essential to achieving this target, given the scale of investment and technology required.
Energy analysts note that Uzbekistan’s strategy reflects a broader Central Asian trend. Kazakhstan and Kyrgyzstan are also courting Gulf investors to expand renewable infrastructure, while Turkmenistan has signaled interest in developing hydrogen and solar projects.
For Riyadh, the investments align with its global strategy of building clean energy assets abroad to complement domestic reforms under Vision 2030.
In addition to wind and solar power, ACWA Power has expressed interest in exploring water desalination and hydrogen initiatives in Uzbekistan, though these remain at the planning stage. Experts suggest such projects could eventually tie Central Asia into emerging green energy supply chains reaching the Gulf, South Asia, and beyond.
For Tashkent, the partnership with ACWA Power highlights both opportunity and reliance. While Saudi capital and expertise are accelerating the shift to renewables, Uzbekistan remains dependent on external partners to drive its energy transition.
Officials maintain, however, that the collaboration is mutually beneficial and will underpin the country’s long-term energy security.
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