Foreign investors announced plans to expand Uzbekistan's energy and infrastructure sectors, presenting both already invested funds and new projects. These announcements were made on October 16 during an open dialogue between President Shavkat Mirziyoyev and representatives of the fuel and energy sector.
According to the president, Uzbekistan has attracted $35 billion in foreign investment in the energy sector over the past years. Now, investors represent more than ten countries.
Muhammad Abunaiyan, co-chairman of the Uzbek-Saudi Business Council and chairman of Acwa, reported the signing of an agreement for a project in Karakalpakstan. This project is intended to provide 1 GW of round-the-clock capacity.
The cost of this project is estimated to be around $2 billion. The company plans to sign additional agreements worth approximately $3 billion next year. Abunaiyan also emphasized that Acwa focuses on implementing advanced technologies, developing local production, and training young specialists.
Mohammad Jamil Al Ramahi, CEO of Masdar, recalled that the UAE company entered the Uzbek market in 2019. Since then, it has invested over $2 billion in the country and implemented renewable energy projects with a total capacity exceeding 2 GW, including solar and wind power plants, as well as energy storage systems.
Al Ramahi stated Masdar's intention to develop an additional 2 GW of renewable energy capacity in Uzbekistan. He stressed that stable state policy and regulation, as well as the reliability of signed agreements, are critical for long-term investments. Mirziyoyev noted Masdar's contribution to the development of the country's solar energy sector and stated that the company's proposals would be taken into account when preparing the industry's new roadmap.
Xiao Xubin, President of China Energy International, reported that the company's total portfolio of projects in Uzbekistan over the last five years exceeded $6 billion. Among the completed projects, he mentioned a 1 GW wind power plant in Bukhara region and a photovoltaic power plant with an energy storage system in Tashkent.
Local products accounted for about 40% of the equipment used in the construction of eight energy storage systems. Xiao also supported initiatives to improve tender procedures and expressed the company's readiness to participate in the digitalization of the energy grid and modernization of energy infrastructure.
Mehmet Cengiz, chairman of the Turkish company Cengiz Holding, stated that the company's investments in the Uzbek economy exceed $900 million. After implementing projects in Tashkent and Syrdarya regions, the company plans to commission a power plant in the Jizzakh region by the end of 2026.
Cengiz emphasized that energy projects require not only the construction of generating capacity but also the timely development of gas infrastructure, power lines, and distribution networks. He proposed predetermining responsible contractors, connection conditions, and testing and commissioning procedures. The President expressed hope that Cengiz Holding would apply its construction experience to submit proposals for the 'New Tashkent' project.
Omar Al-Madani, President and CEO of Vision Invest, reported that the company participated in the construction of the new Tashkent airport and the reconstruction of the existing facility. He noted that investors need stable conditions for project implementation during economic crises and global upheavals. In turn, Mirziyoyev stated that the new Tashkent International Airport will become the country's first 'green' airport.