Uzbekistan's first nuclear power plant is set to come online in 2029 with the commissioning of its first small modular reactor. This will be followed by the launch of the first large reactor in 2033. The plant, consisting of two small and two large reactors, is expected to be fully operational by 2034 to 2035. It will generate up to 17 billion kilowatt-hours of electricity annually.
A long-held ambition, now accelerating
The desire for a nuclear power plant in Uzbekistan has been in the minds of leaders for decades. The country's first president, Islam Karimov, recognized the importance of such a facility but took no major steps to realize it. President Shavkat Mirziyoyev, however, acted decisively. Just one year after his election, in December 2017, Uzbekistan and Russian state nuclear company Rosatom signed an agreement to build a two-reactor plant. By 2019, Uzbekistan had adopted a law regulating the peaceful use of atomic energy, setting the legal groundwork for ownership, safety, and other key aspects.
By 2024, Uzatom, Uzbekistan's new nuclear energy authority, was officially launched as the lead body for implementing nuclear policy. In 2025, Uzbekistan and Rosatom finalised the agreement to construct the nuclear plant in Jizzakh, located in the country's central region. The final design includes two small RITM-200N modular reactors and two large VVER-1000 reactors. Construction officially began in June 2026, with Russian President Vladimir Putin participating in the ceremony, which was held in Saint Petersburg.
Financing remains a hurdle
The initial projected cost for the nuclear project ranged between $10 billion and $13 billion. More recently, the head of Uzatom, Azim Akhmedkhadjayev, lowered the expected cost to $9.5 billion at most. Despite the reduction, this figure is still a significant sum for Uzbekistan, which has an external debt of more than $82 billion as of early 2026. The government aims to secure 85 to 90 percent of the construction budget through loans from various sources, including international banks, private investors, and development organizations.
Uzbekistan has made it clear that the project should remain free from Russian financing. In March 2025, Akhmedkhadjayev said that Russian funding was not under consideration due to evolving geopolitical factors. Earlier versions of the plan included six small modular reactors, which were estimated to cost $2 billion. Akhmedkhadjayev also emphasized that the country would not fall into a debt trap, as lenders would be repaid through the plant's profits in the form of dividends, and they would not interfere in the plant's operations.
By mid-2025, the project had been restructured to include two small modular reactors and two large reactors. Abdujamil Qalmuratov, head of Uzbekistan's nuclear construction directorate, stated that $1 billion would be allocated from the state budget for the small reactors. This marked a shift in funding plans, reinforcing the government’s stance that the project is national in scope. Qalmuratov reiterated that the plant is a purely Uzbek initiative, with the state budget as the primary source of funding.
While Uzbekistan insists on the independence of its nuclear project, it has not ruled out Russian support entirely. In June 2026, Russian President Vladimir Putin expressed Russia's willingness to provide a preferential export loan for the project. He also pledged to support the plant throughout its entire lifecycle. However, no specific figures have been confirmed, and there are no reports of a finalized agreement. Many believe that Putin’s statement was more of a political gesture than a concrete offer.
With its limited budget, Uzbekistan is exploring various sources of external financing. These include Chinese investment and funding through the New Development Bank, a multilateral institution backed by BRICS countries. The government is actively diversifying its financial partners to avoid dependence on a single source, particularly Russia. While the country wants to maintain control and sovereignty over the project, it is open to any viable financial solution that meets its strategic and economic goals.