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Italy’s Economic Diplomacy – 14 June: latest news from the world

Uzbekistan aims to attract investments to develop renewable energy sources

Uzbekistan aims to attract foreign investments to develop renewable energy sources, seeking alternative solutions to current energy sources (gas, oil and coal), with a special focus on solar energy. Uzbekistan’s absolute priority is to establish an adequate regulatory framework for this sector, government authorities said, with modern and up-to-date legislation regulating the development of RES (renewable energy sources). Local authorities forecast that 6 stations with a 100 MW capacity will be developed by 2030, in addition to smaller stations aimed at providing electricity to single urban areas, as well as to the country’s industrial, agricultural and service sectors by implementing a strategic energy project. Foreign investors are requested to take part in the project, which could produce epochal changes in the Country’s energy sector, through the contribution of capital, know-how, experts and anything that might quickly lead to the construction of these new power stations with the best available technologies, with the aim of promoting high-quality and environmentally sustainable development. The Government intends to attract foreign capital by granting special rights, safeguards and benefits on a case-by-case basis, especially in terms of customs tariffs and tax relief.