BLENDED FINANCE STRUCTURES FOR SOLAR AND WIND PROJECTS IN UZBEKISTAN: MATCHING DONOR CAPITAL WITH PRIVATE INVESTMENT

Published July 30, 2026 | Version v1

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1. Denov tadbirkorlik va pedagogika instituti "Moliya va bank ishi" kafedrasi doktoranti

Uzbekistan is rapidly transforming its energy sector to reduce dependence on

fossil fuels and increase the share of renewable energy in electricity generation. The country's

ambitious renewable energy targets require substantial financial resources that cannot be met

solely through public funding or private investment. Blended finance has emerged as an effective

mechanism for mobilizing private capital by strategically combining concessional donor funding

with commercial investment. This paper examines the role of blended finance structures in

supporting solar and wind energy projects in Uzbekistan. It explores how international financial

institutions, development agencies, and private investors can cooperate to reduce investment

risks, improve project bankability, and accelerate renewable energy deployment. The study also

evaluates the current policy environment, identifies financial challenges, and proposes practical

recommendations for strengthening blended finance mechanisms. The findings demonstrate that

well-designed blended finance models can significantly increase private sector participation

while supporting Uzbekistan's long-term sustainable development and climate objectives.

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