Orascom Investment Holding (OIH) is exploring investments in Uzbekistan’s renewables and the hospitality sector, OIH CEO Marwan Hussein told Enterprise Climate on Tuesday. The potential investments are part of a USD 1.2 bn investment plan discussed by OIH Chairman Naguib Sawiris during a meeting on Monday with Uzbekistan President Shavkat Mirziyoyev to “implement large investment projects” in the Central Asian country, according to a statement released by the Uzbekistani presidency.

The details: OIH will only be concerned with the potential investments in wind and solar power plants and the hospitality sector, Hussein said. The remaining investments — which the Uzbekistani presidency said will be in food products, geological exploration, and developing metal deposits — will be funded by the Sawiris family, Hussein explained. Talks are still in an early stage, and OIH is “examining the potential projects and announcing it in due course,” he said.

We knew something of the sort was in the works: Uzbekistan’s Mirziyoyev visited Egypt in February to meet with members of the country’s business community, including Orascom Construction, which expressed interest in building a 100 MW wind farm and an industrial park that would house paint, varnish, and chemical facilities, according to a statement released by Uzbekistan’s government at the time.

All part of Uzbekistan’s renewables push: Uzbekistan aims to source 35% of its electricity from renewables by 2035. It plans to establish wind energy plants totaling 10 GW and solar energy farms that would generate 5 GW of clean power by 2030 to offset a total of 16 mn tons of CO2 per annum.

Getting lots of love from the region: Uzbekistan’s growing renewables sector has been getting attention from several regional players, with Masdar signing a joint development agreement with Uzbekistan earlier this month to develop renewables projects worth some 2 GW and 500 MW of battery energy storage system (BESS) facilities across multiple locations. It also achieved financial close on three solar plants last month to be set up in Uzbekistan’s Sherabad, Samarkand, and Jizzakh that would yield c. 900 MW. Masdar also actively contributed to Uzbekistan’s first 100 MW IPP solar project Nur Navoi, which has been operational since 2021. Back in September, Masdar achieved financial close on the USD 600 mn 500 MW Zarafshan wind project in Uzbekistan — Central Asia’s largest wind farm. The company was also awardedthe 250 MW Bukhara Solar PV project, which includes a 62 MW battery energy storage system in late 2022.

And especially from the Saudis: Saudi Arabian renewables giant Acwa Power signed financing agreements worth USD 120 mn earlier this month for the 100 MW Karatau wind farm — formerly known as Nukus Wind IPP. It also signed three power purchase agreements totaling USD 2.5 bn in March with the National Electric Grid of Uzbekistan and the country’s Investment, Industry, and Trade Ministry for 1.4 GW worth of solar projects and three battery energy storage (BESS) units totalling a capacity of 1.5 GWh. It plans to invest c. USD 10 bn in Uzbekistan’s renewables projects through to 2028 beyond the USD 5 bn it has already poured in to fund five clean energy projects it owns and operates in the country, which include the USD 658 mn 500 MW Dzhankeldy Wind Farmand the USD 690 mn 500 MW Bash Wind Plant.

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