The United Arab Emirates’ renewable company Masdar has signed an agreement with the Uzbek Ministry of Energy and Ministry of Investments, Industry and Trade (MIIT) to develop more than 2 GW of solar and wind projects across Uzbekistan, which will be accompanied by 500 MWh of battery energy storage. In April 2023, Masdar already reached financial close for three solar PV projects in eastern Uzbekistan totalling approximately 900 MW. Masdar is already operating the 100 MW Nur Navoi solar project in Uzbekistan; in 2022, the group was awarded the 250 MW Bukhara solar PV project that will also include a 62 MW battery storage system, and it achieved financial close on the 500 MW Zarafshan wind project.
In addition, the government of Uzbekistan has signed agreements with the Saudi Arabian energy group ACWA Power to develop green hydrogen projects in the country. The projects will be built in two phases, with renewable energy replacing natural gas in the production of hydrogen. The agreements also including the finalisation of financing for the US$120m, 100 MW Karatau wind project that ACWA will develop in Uzbekistan and that is expected for 2025. In April 2023, ACWA and the Asian Development Bank (ADB) had signed loans worth US$174m to develop two onshore wind projects located in the Bukhara region of Uzbekistan, totalling 1 GW.
Uzbekistan targets a 25% renewables share by 2030 and plans to reach 8 GW of solar and wind capacity by 2026 and 12 GW by 2030. The country is planning to build at least 5 GW of solar, 3 GW of wind, and 1.9 GW of hydropower capacities by 2030. It also plans to decarbonise 35% of its energy sector by 2030 and to reach carbon neutrality by 2050.
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