DataVolt secures up to $150m to build one of Central Asia’s largest AI-ready data centres in Uzbekistan
DataVolt has secured non-recourse project financing of up to $150m from a consortium of four development finance institutions to fund and operate its 12MW green data centre in Tashkent, a facility the company expects to rank among Central Asia’s largest AI-ready sites once it becomes operational in late 2026.
The financing is structured on non-recourse terms over 12 years, meaning the lenders look to the project’s own cash flows for repayment rather than to DataVolt’s wider balance sheet. The consortium comprises DEG, the European Bank for Reconstruction and Development, the OPEC Fund for International Development and Proparco. The facility, known as TAS-1, sits within Tashkent’s IT Park and will provide 12MW of IT capacity at what the company describes as 99.982% uptime, with liquid cooling designed for high-density cloud and AI workloads alongside enterprise IT deployments.
The investment arrives as demand for digital infrastructure across the region accelerates, and it is set to support the Government’s ‘Digital Uzbekistan 2030 Strategy’, which sets an ambition to grow the market for AI products and services in the country to $1.5bn by the end of the decade. For Proparco, the commitment is its first data centre project in Uzbekistan, while the OPEC Fund will also serve as the project’s financial model bank.
Rajit Nanda, Chief Executive Officer of DataVolt, said the agreement was a significant milestone in the company’s effort to support Uzbekistan’s digital transformation. “TAS-1 is not just an infrastructure investment, it is a platform to develop local capabilities, foster innovation, and contribute to the creation of a digitally skilled workforce that can power Uzbekistan’s long-term growth,” he said, adding that the company was grateful to its four lenders for sharing its vision to bring world-class digital infrastructure to what he called a thriving data centre market.
The agreement carries weight for its backers because each institution measures the deal against a development mandate rather than a purely commercial return. Monika Beck, member of DEG’s Management Board, said the facility’s renewable ambitions sat squarely within that mandate. “DataVolt is developing a new AI-ready data center that has an ambition to operate largely on renewable energy sourced from the local grid in Uzbekistan,” she said, noting that DEG supported the promotion of green digital infrastructure under the national strategy. Holger Muent, EBRD Director of Telecommunications, Media and Technology, said the financing would “mark a significant step in expanding the digital infrastructure capacity of Central Asia’s most populous state, improving data management, analytics and digital services for businesses ranging from agricultural producers and processors to manufacturing companies.”
The case for public-development capital rests on what the infrastructure unlocks rather than the building alone. “Uzbekistan’s digital transformation is creating new opportunities for economic diversification, innovation and private sector growth,” said Khalid Khadduri, OPEC Fund Vice President, Private Sector, who added that expanding modern digital infrastructure was essential to sustaining that momentum and strengthening the country’s competitiveness. Anne Gautier, Head of Energy and Telecom for Asia and Latin America at Proparco, said the investment marked a significant milestone as the institution’s first data centre project in the country. “By combining digitalization, energy efficiency, and high environmental and social standards, the project contributes to the country’s 2030 ambitions,” she said.
Sustainability anchors the company’s long-term approach, and DataVolt has set an ambition to work towards Net-Zero operations across its estate. At TAS-1, the company aims to eliminate nearly all Scope 2 emissions by powering the facility with more than 95% green electricity, an objective that aligns the project with the renewable-energy emphasis of the national digital strategy. The first phase of the facility is expected to be Ready-for-Service by the end of 2026, with a second phase coming online in late 2027, and DataVolt said it had already secured significant interest from both international and domestic customers.
The project also reaches beyond the building itself into the question of who will run Uzbekistan’s digital infrastructure over the coming decade. DataVolt has partnered with Shirin College to launch a two-year diploma programme aimed at developing the next generation of data centre and digital infrastructure professionals. The company described the initiative as part of a broader effort to match the growth of physical infrastructure with skilled local talent, enabling sustainable participation in the global AI and digital economy and supporting the national vision of establishing Uzbekistan as a regional digital hub.
