Tashkent, Uzbekistan (UzDaily.com) —  International companies and financial institutions have expressed interest in a project for the development and transmission of green energy involving Uzbekistan, Kazakhstan, and Azerbaijan. This was announced by Uzbekistan’s Minister of Energy, Jurabek Mirzamakhmudov. 

On 13 November, during the COP29 Summit, a strategic partnership agreement was signed among the three countries for the development and export of green energy. The project aims to deliver renewable energy from Uzbekistan, Kazakhstan, and Azerbaijan to Europe. 

In an interview with the Tahlilnoma program on Uzbekistan 24, Jurabek Mirzamakhmudov noted that leading international companies and financial institutions are already showing interest in the initiative. 

According to him, on November 8, an agreement was signed with the Asian Development Bank for technical support in establishing a joint venture. 

The minister highlighted that following the strategic partnership agreement at COP29, energy ministers from Saudi Arabia, Uzbekistan, Kazakhstan, and Azerbaijan signed an executive roadmap to implement the project and explore Saudi Arabia's potential involvement. 

"This project, which connects Central Asia, the South Caucasus, and Europe, is a vivid example of interregional cooperation," he added. 

Jurabek Mirzamakhmudov emphasized that Uzbekistan, Kazakhstan, and Azerbaijan plan to implement new renewable energy projects with the participation of foreign investors to export electricity to Europe. 

The project will involve constructing new power generation facilities, separate from the existing grid, to avoid additional strain on the current network. 

The initiative also includes laying a cable across the Caspian Sea to Azerbaijan and Georgia, followed by a subsea cable through the Black Sea to Romania. 

The minister stated that the Italian company CESI is preparing the project's feasibility study. Additional preparatory work is also underway. 

"The agreement signed by our leaders at COP29 has accelerated the project’s implementation, including the establishment of a joint venture, preparation of technical documentation, and selection of participating companies," Mirzamakhmudov noted. 

Regarding the next steps, the minister explained that project participants are preparing documents to establish a joint venture to manage its operations. After the preliminary feasibility study, tenders will be announced, funding sources finalized, and the project will move into the implementation phase. 

The parties will determine the volume of electricity supplies, technical specifications, and their respective contributions to the project. 

Mirzamakhmudov added that Azerbaijan and Georgia will not only serve as transit countries but also contribute to green energy supplies. "Azerbaijan signed several agreements at COP29, including ones for constructing new solar and wind energy facilities. Georgia, on the other hand, has significant hydropower potential," he elaborated. 

The project is expected to bring foreign investments and advanced technologies to Uzbekistan. The minister revealed that the country has developed a robust portfolio of renewable energy investment projects. 

"This year, we have tripled investments in green energy. By the end of the year, over 4.2 gigawatts of renewable energy capacity will be commissioned," he said. 

By 2030, Uzbekistan plans to increase renewable energy capacity to 20 gigawatts, with renewable sources accounting for up to 40% of total generation. 

Between 2023 and 2024, Uzbekistan has tripled its green energy investments. In 2023, US$1.3 billion in foreign direct investment was attracted, with expectations of over US$4.6 billion in 2024. 

To date, Uzbekistan has generated 4.3 billion kilowatt-hours of green energy in 2023, saving 1.3 billion cubic meters of natural gas and reducing CO₂ emissions by 1.8 million tons. This progress supports Uzbekistan’s commitments under the Paris Agreement. 

Previously, it was reported that Uzbekistan plans to export 10–15 billion kWh of electricity by 2030. By that time, the country's electricity demand is projected to reach 120–125 billion kWh, with generation capacity estimated at 135 billion kWh. 

In 2023, energy officials from Uzbekistan, Kazakhstan, and Azerbaijan discussed plans for green energy exports through the Caspian Sea to the EU. In August 2024, it was decided to establish a joint venture with its headquarters in Baku to manage green energy exports to Europe.