JBIC to Provide US$1.45 Billion for Renewable Energy Development in Uzbekistan

Tashkent, Uzbekistan (UzDaily.com) — The Japan Bank for International Cooperation (JBIC) will prepare a joint financing package of approximately US$1.45 billion to support renewable energy projects in Uzbekistan, Nikkei reports. The initiative aims to strengthen Tokyo’s economic presence in Central Asia.

The funds will be allocated to the construction of two energy complexes near Samarkand, integrating solar power plants with energy storage systems. The combined capacity of the projects will reach 1,000 megawatts, making them among the largest renewable energy initiatives in the country.

Saudi company ACWA Power will hold a 51% stake in the projects, alongside Japanese partners — Sumitomo Corp., Chubu Electric Power, and Shikoku Electric Power.

JBIC will provide a US$635 million loan, becoming the largest financial contributor among participating institutions. The remainder of the funding will be supplied by private banks Sumitomo Mitsui Banking Corp. and Norinchukin Bank, while risk insurance will be covered by the Nippon Export and Investment Insurance (NEXI) agency.

In 2024, Uzbekistan and JBIC signed a three-year cooperation program allowing non-sovereign financing for Japanese company projects in the country.