BAKU, Azerbaijan, September 2. Uzbekistan is quickly making waves as a regional frontrunner in renewable energy, with hefty infrastructure investments and strong foreign direct investment paving the way for its green transition, Trend reports via Moody's.
The nation's strategic vision is laid out in the Uzbekistan 2030 Strategy, which includes a goal to generate at least 40 percent of electricity from renewable sources by 2030. This ambitious target is supported by a wave of capital, with 92 percent of the $30 billion in Public-Private Partnership (PPP) projects approved in 2024 focused on the energy sector.
"In Uzbekistan, substantial infrastructure investments and increasing foreign direct investment—particularly through PPP projects in the energy and transportation sectors—are supporting robust medium-term growth," said Moody’s.
Key investors from the Middle East, China, Türkiye, and the Netherlands are driving this growth.
Notable projects include ACWA Power, which has committed $7.5 billion, equivalent to 7 percent of Uzbekistan’s GDP, to 10 green energy projects, and Masdar, which signed a contract in 2025 to develop a two GW wind project and deploy 1,150 MW-hours of battery storage across five sites, with a total investment set to reach $2.6 billion.
Uzbekistan’s commitment to attracting private investment is also reflected in its energy sector reforms, including plans to bring electricity tariffs to cost-recovery levels by 2027–2028. This momentum is also evident in the country's sustainable debt market. Following its debut green bond in October 2023, Uzbekistan's total sustainable bond issuance has now exceeded $4 billion, a testament to growing investor confidence.
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